Today, U.S. Senator Charles E. Schumer stood at the Livingston County Chamber of Commerce to unveil his proposal to make it easier for small businesses across Upstate New York to succeed, create jobs and act as engines for economic growth, through real tax relief that lowers the cost of doing business. Specifically, the Small Business Jobs and Tax Relief Act of 2012 would allow small business owners to write off the entire cost of new capital equipment purchases on their taxes, saving thousands of dollars in year-end tax costs. The bill also contains a 10% tax credit for each new worker hired in 2012, reducing the tax burden for businesses that create new jobs by up to $500,000. This proposal would make it easier for small businesses, like Quinlan’s Pharmacy and Medical Supply in Livingston County, to invest in themselves and their workers through two tax cuts that aim to encourage capital investment and workforce expansion. Quinlan’s Pharmacy is seeking to open an additional pharmacy that would require new equipment and the hiring of at least ten additional workers. Schumer’s proposal has the potential to save the company tens of thousands of dollars in lower taxes.
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