Sen. Kirsten Gillibrand (D-NY) and Democratic congressional candidate Grace Meng met at a woman-owned business in Flushing on Tuesday to push for passage of the SUCCESS Act of 2012 designed to help small businesses.
Meng, who now serves as an assemblywoman, will face Councilman Dan Halloran (R-Whitestone) in the November election for the 6th Congressional District.
The two elected female officials discussed the proposed federal bill at Great Bear Auto Repair, located at 164-16 Sanford Ave., which is owned by Audra Fordin. The bill would extend tax breaks for small businesses and investors in them.
“Small businesses are the backbone of our economy and the most powerful job creators we have,” the senator said. “When we provide the tools that small business leaders need, we can help this economic engine take off.”
Meng said that ensuring access to credit and capital and tax credits for hiring plus healthcare through the Affordable Care Act will be her priorities if she’s elected to Congress.
Fordin, who took over the auto care business from her father, said that extending tax breaks “would be a major incentive to help grow my business further.” She said it would allow her to divert resources to staff and equipment upgrades “which are a win for my business and the community.”
The legislation would provide tax relief for small businesses, double existing deductions for start-up costs for new small businesses and allow such companies to write off up to $500,000 in machinery, plant equipment or other necessities.
It would also allow businesses who are not profitable to claim credits against years when they were making money.
Gillibrand noted that in New York, more than 30 percent of small businesses are owned by women, but that on average they start out with eight times less funding than men.
The SUCCESS Act stands for Success Ultimately Comes from Capital, Contracting, Education, Strategic Partnerships and Smart Regulations.