Attorney Advertising

Contact Our Offices

White Plains 914-686-7171
Chappaqua  914-238-7171
East Hampton 631-329-7171

White Plains  914-686-7171
Chappaqua 914-238-7171
East Hampton 631-329-7171

Super Lawyers 5 star review
Attorney Advertising

Contact Our Offices

Proposal provides tax incentives to New York small businesses

| Aug 18, 2020 | Firm News

New York City comptroller Scott Stringer earlier this month introduced a series of proposals that include tax incentives geared toward helping struggling small businesses affected by the recent global health crisis. The proposals, initiated on Aug. 5, must be agreed upon by New York City lawmakers and Mayor Bill de Blasio, who has them under review.

Along with the tax benefits, another component of Stringer’s plan is to help small businesses access federal aid. Many of New York City’s small businesses have taken severe hits in the past five months as declining sales, revenue and customer streams have caused many of them to lay off employees and operate at lower capacities.

Refundable tax credits, encouraging entrepreneurs

Stringer’s plan includes:

  • Refundable business tax credits specifically for restaurants, personal services companies and retailers that have annual revenues of under $5 million. The idea is that tax credits will help these companies recover any money spent on changes and remodeling to their businesses due to the recent health crisis. Examples include restaurants having to reconfigure for outdoor dining arrangements as well as the purchasing of safety-related equipment.
  • Encouraging entrepreneurs by providing them with tax credits to start businesses in retail corridors that have high vacancy rates. The comptroller’s office noted that companies that move into these areas will receive a credit on either property taxes or the city’s commercial rent tax.

Such an effort to help small businesses on Main Street is merely a small and initial step but could have positive effects. So much more is necessary to revive small businesses in the city.

Contact Us

White Plains Office
81 Main Street
Suite 307
White Plains, New York 10601

White Plains Law Office Map

Phone: 914-686-7171
Fax: 914-686-0168
East Hampton Office
17 Beverly Road
Post Office Box 2888
East Hampton, New York 11937

East Hampton Law Office Map

Phone: 631-329-7171
Fax: 631-604-6140
Chappaqua Office
726 King Street
Post Office Box 488
Chappaqua, New York 10514

Chappaqua Law Office Map

Phone: 914-238-7171
Fax: 914-238-4353