Senator Martins’ Legislation to Help Small Businesses Create or Retain Jobs in Times of Hardship Passed by Senate

     Senator Jack M. Martins (R-7th Senate District) announced that the New York State Senate passed legislation he sponsored to help businesses create or retain jobs during times of hardship. 

    The legislation (S4376A) would allow small businesses with up to 50 employees to create a tax deferred savings account.  Small businesses would be able to deposit funds into the account tax free, which could only be withdrawn specifically for the purpose of creating or retaining full-time jobs during an economic downturn or to recover from a natural disaster, such as a hurricane.

    “Small businesses provide jobs and services to local residents and revenue for our economy.  When they stop hiring, lay off employees or close down entirely, the affect is felt across the economy and throughout the community.  This legislation would help them save money so they can save jobs during the hard times.  The Assembly should join the Senate in passing this legislation to help small businesses save jobs,” said Senator Martins, Chairman of the Senate’s Labor Committee. 

     Providing a potential tax benefit for small business to set aside these funds will give them another incentive to create jobs and grow their operations.  Additionally, in the event of an economic downturn or a catastrophic event, this bill would make it easier for businesses to make ends meet without laying off employees.  

    “Kudos to Senator Martins for once again passing legislation for small business savings accounts.  In a climate that is often downright hostile for Main Street businesses, this legislation will assist in times of economic hardships, natural disasters, and help with job creation and retention.  The bill is designed to help where it’s needed most- giving smaller businesses with under 50 employees another tool to help mitigate many challenges they face,” said Eric Alexander, Director, Vision Long Island. 

     “This is monumental legislation that will enhance the ability of small business owners to survive during difficult economic times.  Special thanks to the New York State Senate for stepping up and assisting our economy,” said Richard Bivone, Nassau Co-Chair, Long Island Business Council and Past President of the Nassau Council of Chambers of Commerce.

     “This milestone, passing the Small Business Savings Accounts, will help small business across the state, especially on Long Island, to have the same benefit individuals have on their personal IRA's,” said Robert Fonti, Suffolk Co-Chair, Long Island Business Council and Co-Chair, Suffolk County Alliance of Chambers of Commerce.