Assemblymember Didi Barrett (D–Millbrook) has announced that the 2013-14 state budget she helped pass includes funding for economic and agriculture programs and tax breaks that will help businesses and promote job growth across New York State, particularly in the Mid-Hudson Valley.

“This year’s state budget reaffirms our commitment to spurring economic growth and creating good-paying jobs,” Assemblymember Barrett said. “The programs funded in the budget are designed to continue moving New York’s economy in the right direction.”

Investing in infrastructure to create jobs

Among the most significant initiatives included in the budget is a $75 million increase to the Consolidated Local Street and Highway Improvement Program (CHIPs). The 21-percent increase is the first from the state in five years and will provide local governments across the state with a total of $438.1 million for the rebuilding and rehabilitation of local infrastructure, including roads, highways and bridges.

“The increase in CHIPs funding will help New York’s economy in two ways: first, it will make critical infrastructure improvements and second, it will create demand for good-paying, local jobs,” Assemblymember Barrett said. “Strong infrastructure is one key to a strong local economy – you need to be able to transport people and products as safely and efficiently as possible.”

In addition to increasing CHIPs funding, the budget includes $155 million for the acceleration of significant local and regional Department of Transportation (DOT) projects.

Funding vital agricultural programs

The 2013-14 state budget also contains funding for numerous agricultural programs across New York State, including:

• $1.5 million for the Farm Viability Institute;
• $1 million for the New York State Apple Growers Association;
• $584,000 for Farm Net (Farm Family Assistance);
• $370,000 for Dairy Profit Teams;
• $125,000 for the Maple Producers Association;
• $100,000 for Christmas Tree Promotion; and
• $100,000 for the Tractor Rollover Program.

“Increasing costs and decreasing profit margins, coupled with a poor growing season has put our agriculture industry in serious jeopardy,” Assemblymember Barrett said. “Agriculture is the backbone of the Mid-Hudson Valley’s economy, and I fought hard to see that these initiatives were included in this year’s budget.”

Assemblymember Barrett was also a strong advocate for the inclusion of the Market-NY program in this year’s budget, as it will help market foods made in New York and locally grown produce.

Helping minority- and women-owned businesses

Also provided in the budget is $1 million to support the Minority- and Women-owned Business Development Lending Program, a $365,000 increase from the executive budget proposal. The budget also authorizes bridge loans for procurement purposes from the Small Business Revolving Loan Fund to help minority- and women-owned business (MWBEs) and other small businesses access capital at affordable rates.

Tax credits for businesses

Among the tax breaks for businesses is a phase out of the 18-A utility assessment surcharge, which is expected to help utility customers realize $500 million in savings by FY 2017-18. In addition, the budget reduces the current 3.25 percent tax rate on manufacturing companies to 2.4 percent by 2018.

A veteran’s tax credit for businesses hiring veterans is also included in the budget – for taxable years 2015 and 2016, the credit would be worth 10 percent of the wages paid to a qualified veteran during the first full year of employment or 15 percent of the wages if the veteran is disabled.

“Easing the tax burden will alleviate some of the pressure felt by small businesses across New York State,” Barrett said. “With these businesses feeling less pressure they will be able to grow – this means better profit margins and the need to expand and create local jobs.”