The New York State Assembly Committees on Economic Development, Job Creation, Commerce and Industry, and Small Business recently invited the National Federation of Independent Business (NFIB) to provide testimony at a hearing in Albany. The session, held on October 8th, focused on evaluating the impact and effectiveness of the state's economic development programs.
During the testimony, NFIB expressed concerns about New York's approach to economic development. The organization highlighted several issues including the state's Unemployment Insurance debt and a surge in pay frequency lawsuits. NFIB stated that "generating a thriving economy does not require billions in subsidies and headline-grabbing projects, but also relies on creating a better business environment with lower taxes, fewer regulations, and more affordable insurance."
The testimony further emphasized that addressing frequent pay lawsuits, reducing burdensome unemployment insurance taxes, and reforming tax incentives could foster an economy supportive of small businesses. NFIB remarked that "a prosperous state is only possible if Main Street is alive and well," calling for improvements in New York’s business climate through disciplined policies and increased transparency.
Media outlets across New York covered the hearing extensively. Spectrum News particularly focused on the issue of Unemployment Insurance debt with their coverage titled: "Biz experts push N.Y. to pay $6B unemployment insurance debt."
