New Yorkers have tightened their belts more than ever during the economic downturn. As a member of Congress, I am working to lower taxes for working families and the small businesses that drive our local economy.
The first piece of legislation I introduced was the Rural Jobs Tax Credit Act, which would provide tax incentives to businesses that create jobs in rural areas. I was proud to see a broader version of this bill signed into law earlier this year. (HIRE Act, PL 111-147)
It is critical that we shield family farms and small businesses from the estate tax. I support raising the exemption from the tax from $3 million to $5 million per person, which will allow small business owners and farmers in Upstate New York to pass along their businesses to future generations and allow the local economy to thrive.
After hearing from concerned constituents about a new Form 1099 reporting requirement scheduled to take effect in 2012, I introduced the Small Business Tax Relief Act (HR 5982) with Congressmen Sander Levin and Scott Murphy. The legislation would repeal this provision of the new health care reform law, which would require businesses to report to the IRS any vendor payment over $600.