Huntington Station, NY - With the economy and employment top among concerns of more and more Americans, New York State Assembly candidate Joe Dujmic today unveiled a comprehensive Five-Point Plan to Spur Job Creation and Economic Growth - a package of tax incentives and policies designed to increase local work opportunities and support small businesses.
Released the day after Labor Day, The Five-Point Plan to Spur Job Creation and Economic Growth includes:
- A Small Business Tax Credit for new jobs;
- Incentives for landlords offering office space to small business incubators;
- A tax credit for "Angel Investors;"
- A requirement for the use of New York State companies and employees on state contracts;
- Aid to educational institutions that establish training in alternative energy technologies ("Green Jobs").
"A healthy economy depends on our small businesses feeling confident in investing and growing locally," said Dujmic. "Every time a local business adds a job or expands a service, the positive effects are felt throughout the local economy. I want to ensure that small businesses believe in Suffolk County, believe in Long Island and believe in New York State as a place where they can prosper."
"This comprehensive package is a specific, serious and significant investment in the small businesses that make up the backbone of New York, and will pay dividends many times over through increased employment and a healthier economy," Dujmic said.
Small businesses account for 60-80 percent of all new jobs created in the United States. In New York State, the small business economy represents a payroll of more than $120 billion, according to Small Business Week.
Small Business Tax Incentive
The Dujmic plan would offer small business owners with up to 10 employees a 4.1% tax credit on every fifth existing employee, as long as they create at least one additional job. For small businesses with more than ten employees (up to 100), they will receive a state tax credit of 3% for every new employee hired in the calendar year.
"These tax credits will make it easier for a small business to expand its workforce, and take people off taxpayer-funded unemployment rolls and put them back into the economy as active consumers of goods and services," he said.
Small Business Incubator Incentive
Under Dujmic's proposal, New York will provide grant assistance to building owners who dedicate office space to several start-up small businesses of 5 or fewer employees.
"Office space is a significant obstacle for small businesses to hurdle. Clustering several small, start-up businesses into a single location offers the opportunity for fledging companies to lower their overhead by sharing common services such as secretarial, computers, copying and printing," Dujmic noted. "Additionally, the Incubator Incentive will help eliminate vacancies and remove blight in downtown communities."
Angel Investor Credit
The Dujmic plan would encourage 'Angel Investors' - private individuals who fund small business startups - by providing a 20% tax credit for every dollar above $20,000 that is invested in a business with 10 or fewer employees.
"Angel Investors can play an important role filling the gap when it comes to start-up funding," noted Dujmic.
New York State Local Preference
Dujmic's plan would encourage the use of New York State companies and local workers on state contracts through several measures in several ways:
- All bidding companies must use New York State prevailing wage;
- Out-of-state companies must include the 4.1% NYS unemployment rate in its costs if attempting to use out-of-state workers;
- Apprenticeship Training language would be added to more state contracts to ensure use of local labor;
- If a New York State company and out-of-state company are both deemed qualified, the New York company will be awarded the contract if cost is within 10% of lowest bid;
- Local Preference Laws would be extended to other agencies of New York State, including utilities such as LIPA.
Promoting Green Jobs
Dujmic's plan would provide grants and aid to learning institutions that provide training in "Green Jobs" technologies such as solar, wind, and alternatives to fossil fuels. It would also offer grants to out-of-state Green Technology companies to relocate to New York, and provide local Industrial Development Agencies (IDAs) with specific funds for Green Jobs programs.
"With the number of high-tech research institutions on Long Island, we are uniquely positioned to be a region of New York State that can support alternative energy producers," Dujmic said.
Joe Dujmic (pronounce Dudge-mick) is a private practice attorney and small business owner based in the Town of Huntington. A graduate of St. Johns University (criminal justice) and New York Law School (juris doctor) the native Long Islander announced his candidacy in February of this year in the 10th Assembly District.
His candidacy has been endorsed by: New York State AFL-CIO/ Long Island Federation of Labor; New York State United Teachers (NYSUT); NYC Corrections Officers Benevolent Association; NYS Public Employee Federation (PEF); U.S. Senator Kirsten Gillibrand; U.S. Representative Steve Israel; Legislator William Spencer, M.D.; Legislator Steven Stern; Legislator Lou D'Amaro; Former Legislator Jon Cooper; Huntington Town Supervisor Frank Petrone; Huntington Town Councilwoman Susan Berland; and Councilman Mark Cuthbertson.