News

Bill Designed to Help Women-Owned Small Businesses

June 15, 2012 - Rochester YNN - Source

Senator Kirsten Gillibrand announced legislation Friday that will increase tax breaks for small business owners. She was joined by Congresswoman Kathy Hochul at Complemar in Rochester for the announcement.

The legislation is designed to help women-owned small businesses.

At the beginning of the year, several small business tax cut provisions expired. Now Gillibrand and Hochul are trying to get those tax cuts extended for at least another year to help small businesses grow.

"Women owned small businesses make up a very significant segment of our small business market, and they are among the fastest growing businesses within our small business market," said Gillibrand, (D).

"Small businesses create about 60 percent of all new jobs, but more than 10 million of those small businesses are owned by women, employing about 13 million people and generating about $1.9 trillion dollars worth of sales. So in New York, over a quarter of all small businesses are owned by women."

The Small Business Tax Extenders Act, which Gillibrand will introduce in the Senate, will continue tax credits for small businesses, increase deductions for start-up expenses and give investors incentives to invest in small business stock.