Brooklyn, NY – Council Member Simcha Felder and the NYC Council provided relief to small businesses in the form of a tax credit for enterprises paying under $5,400 towards the Unincorporated Business Tax (UBT). The UBT double-taxes thousands of businesses, and discourages recently laid-off New Yorkers from freelance work or from starting their own businesses.
“With this tax credit, the Council has shown that it will continue to fight for the interests of small businesses,” Felder said. “In these tough economic times, we need to encourage the small businesses and freelancers that drive NYC.”
This tax credit will increase the number of freelancers and small business that qualify for relief, ending the double taxation policy that has erected road blocks for thousands of freelancers and small businesses with incomes under $100,000. 6,000 firms making between $100,000 and $150,000 will receive partial tax relief from this bill.
(YWN Desk – NYC)