Assemblyman David G. McDonough (R,C,I-Merrick) today unveiled the Small Business Improvement Act of 2006. This legislation, sponsored by McDonough, would establish initiatives that support New York’s small businesses.

“It is essential that we do everything we can to improve New York’s small-business climate,” said McDonough. “The Assembly minority is working to pass initiatives that support these businesses to improve our economy and create jobs that pay well.”

McDonough explains New York’s economy depends, in large part, on the health of its small businesses with nearly 98 percent of all businesses in New York being small businesses, and nearly 52 percent of working New Yorkers employed by small businesses. McDonough believes that opportunities for job creation and retention are vital to the state’s economic success.

The Small Business Improvement Act would:

• Create an Internet service where small-business owners could access a registry of regulations that affect their businesses and register to receive electronic notices of new, revised and emergency state rules and regulations.
• Provide tuition reimbursement to micro-enterprise business owners and qualifying employees who complete courses necessary to support and operate the businesses.
• Require at least 15 percent of all state contracts be awarded to small businesses.
• Establish a County Main Street Revitalization grant program to encourage business façade and interior renovations.
• Reduce the corporate franchise tax rate for small businesses.
• Establish a credit program for company owners who pay for an individual’s college tuition in exchange for the person agreeing to work for the company for a specific number of years.
• Authorize county governments to reduce or eliminate the taxes on energy sources imposed on small businesses.