Senator Kirsten Gillibrand
/ file photo
SYRACUSE -- Senator Kirsten Gillibrand came to Syracuse Friday, touting a series of tax break proposals for small businesses, especially to benefit business women.
The senator says the tax breaks are an extension of legislation that expired earlier this year. The benefits include a number of provisions that help give small businesses the ability to grow, by offering incentives to invest in small business. Before 2009, half of the gain of a small business stock was subject to tax, now that exclusion is 75 percent. The Small Business Jobs Act expanded that to 100 percent of the gain.
Eligible small businesses have gross assets under $50 million. The stock must be held for at least 5 years.
Gillibrand says the extenders will help all small businesses, but is especially geared toward women-owned companies that may have trouble securing loans from large banks.
More than 25% of small businesses in the Empire State are owned by women.
Gillibrand made the announcement in front of Potter Heating and Air Conditioning, and Perrone Plumbing, two examples of women-owned businesses in Central New York.
"Women owned businesses see ideas through to fruition," Senator Gillibrand says.
Suzanne Kondra DeFuria has been a small business owner for 32 years. She says she appreciates the support that was leant to her.
"It's a pleasure to have a woman in my corner who understands the issues and struggles I face in these economic times," says DeFuria, President Potter Heating & AC, and the Vice President of Perrone Plumbing.
