Bronx start-ups will get greater tax relief under proposed legislation

NY Daily News | Link to Article

If Sen. Kirsten Gillibrand gets her way, start-up businesses in the Bronx and beyond will get some much-needed tax breaks this fall.

Gillibrand is sponsoring the Small Business Start-up Support Act to urge Congress to increase the tax deduction for start-up costs from $5,000 to $10,000.

New businesses face a number of major expenses in the first year of operation, Gillibrand said Monday at a news conference with Borough President Ruben Diaz Jr. in the Bank Note Building in Hunts Point.

“For too many who have the next great big idea, this challenge becomes too daunting and they aren’t able to get their businesses off the ground,” she said. “(This bill) would help spark growth here in the Bronx.”

Under the bill, eligible expenses would include training fees at business incubators, market research studies, advertisement, and employee training fees, among other expenses.

“(This is) not a democratic idea. It’s not a Republican idea,” Gillibrand said. “It’s just a good idea. And it’s the kind of idea that can make a difference and help these businesses create the jobs that we desperately need in our communities.”

The hope also is to spark new tech start-ups. According to a recent report by the Center for an Urban Future, the city is the country’s second largest tech center after Silicon Valley.

“The high tech industry is the future of our economy and it’s what we need to make sure the Bronx can flourish,” said Gillibrand.

To continue reading: http://articles.nydailynews.com/2012-08-21/news/33307298_1_new-businesses-face-small-business-gillibrand