New Tax Relief for Small Businesses and Middle Class New Yorkers
New Tax Relief for Small Businesses and Middle Class New Yorkers
Governor Kathy Hochul announced new efforts to deliver tax relief for thousands of small businesses and millions of middle class New Yorkers. The plan will provide $100 million in tax relief for 195,000 small businesses through increasing a tax return adjustment to reduce small businesses’ gross business income. The plan will also accelerate the implementation of $1.2 billion in New York’s existing Middle Class Tax Cut for 6 million New Yorkers which first began to be implemented in 2018, and establish a $1 billion property tax rebate program to put money back into the pockets of more than 2 million New Yorkers who have had to endure rising costs as the pandemic has progressed.
Additionally, the Governor will create new, and increase existing, tax credits to support New York’s farms and food production overall.
To accelerate the economic recovery and deliver relief to New Yorkers, Governor Hochul will:
- Provide $100 Million of Relief for 195,000 Small Businesses
- Accelerate $1.2 Billion in Middle Class Tax Cuts for 6 Million New Yorkers
- Deliver a $1 Billion Property Tax Rebate for More Than 2 Million New Yorkers
- Increase Existing Tax Credits and Create a New Credit to Support Food Production
Strengthen New York's Workforce and Help Grow the Economy
Strengthen New York's Workforce and Help Grow the Economy
Governor Kathy Hochul announced a comprehensive plan to strengthen New York's workforce and help grow the economy. This seven-pronged initiative reimagines and overhauls New York's approach to workforce development by focusing on regional needs, creating and expanding access to career services and the jobs of tomorrow, and identifying innovative ways to build the workforce of the future.
New York's workforce has not yet fully recovered from the pandemic downturn. As of Fall 2021, New York's job deficit was three times greater than the national average, and higher by some measures than any other state. Employers in some high-demand industries have a seen a surge in open positions, while those in some essential sectors are struggling to retain and recruit top talent.
To advance meaningful job opportunities and support industries across the State, Governor Hochul will overhaul the state's approach to workforce development, while at the same time invest in a full spectrum of programs to unlock career opportunities that prepare more New Yorkers for the jobs of the future.
To accomplish this, the Governor will:
- Create the Office of Workforce and Economic Development to Overhaul the State's Workforce Development Efforts and Focus on Region-Specific Needs
- Help More New Yorkers Move Between Education and Career
- Expand Access to Apprenticeships
- Recruit the Next Generation of Public Servants
- Expand the State's Technology Talent Pipeline
- Make New York a Model for the Employment of Workers with Disabilities
- Protect and Strengthen Workers' Rights
Launch "Jails to Jobs"
Launch "Jails to Jobs"
'Jails to Jobs' aims to improve re-entry into the workforce and reduce recidivism by focusing on connecting previously incarcerated individuals with education, resources and opportunities for job placement.
Despite New York's advancements in creating a fairer criminal justice system, many people in state prisons struggle to access educational opportunities. The expansion of higher-education opportunities for incarcerated populations provides clear benefits by reducing recidivism, increasing post-release employment, and saving taxpayer money. Incarcerated people who participate in correctional education programs are 43 percent less likely to reoffend and 13 percent more likely to obtain and retain employment after returning to their community. Taxpayers save roughly $5 for every $1 invested in prison education, and recidivism rates decrease due to this investment.
Governor Hochul's 'Jails to Jobs' plan will help incarcerated and formerly incarcerated New Yorkers attain critical job skills and secure long-term employment, helping reduce recidivism and increase public safety.
This will be completed through:
- Refocusing Parole Officers on Career Planning and Job Placement
- Enabling Voluntary, Private-Sector, In-Prison Employment Opportunities that Pay a Competitive Wage
- Expanding Vocational, Job Readiness, and Re-Entry Programs
- Restoring the Tuition Assistance Program (TAP) for Incarcerated Individuals
- Allowing for Educational Release as an Earned, Re-Entry Opportunity
- Passing the Clean Slate Act
- Piloting a New Approach to Transitional Housing for Post-Incarceration Individuals
- Eliminating Outdated Supervision Fees to Reduce Barriers for Individuals Returning to Society After Incarceration
- Fully Staffing the Parole Board and Prohibit Outside Employment for Board Members
- Facilitating Access to ID Cards and Other Vital Records to Enhance Opportunities for Released Persons