Startup Tax Credit Could Mean Big Things for Future Businesses

Joseph Byrne Thursday, August 2, 2012

Many in the Long Island business community are gearing up to get behind the Startup Innovation Credit Act of 2012. This new tax credit, proposed by U.S. Senator Charles Schumer and three of his colleagues, allows startups to use the tax credits based more on their payroll taxes rather than the income taxes.

Business Experts say that the new incentive will allow business startups to get the help needed to grow. The tax break is a great way for businesses to keep more money available for reinvesting in the business rather than struggling to survive.

The expectation is that with the ability to grow and hire more people, that the businesses will be able to create more jobs in the marketplace. The tax break is a great beginning to offer the breaks that the businesses need to be able to compete on Long Island.

Those businesses looking to use the tax break need to be in business for less than five years and should be making less than $5 million in gross receipts. Those who do qualify will receive a big incentive to increase their revenue and grow.

joeb@longislandyellowpages.com

Appears In: Business News

 

 

• Business News
• Education
• Entertainment
• Jobs & Careers
• Local Events
• Local Steals, Deals & More
• Press Releases
• Restaurants & Food
• Sports & Recreation

Columnists John M.   Show all Columnists