New & Notes from NYS Senator Joe Addabbo - 15th District

ADDABBO CO-SPONSORS BILL TO HELP SMALL BUSINESSES GET VENTURE CAPITAL FUNDING

NYS Senator Joseph P. Addabbo, Jr., (D-Queens) is pleased to announce that he is a co-sponsor of legislation (S.5587) introduced in the Senate by Senator James Alesi (R-Rochester) that would amend the state’s tax law to authorize the state to license six certified capital companies to raise $150 million in private venture capital from insurance companies in order to assist New York businesses that require funds not available from traditional commercial banks through all stages of development: pre-startup, start-up, expansion, or survival. In exchange for investing in qualified businesses, the insurance companies would get premium tax credits, with such issuance to be delayed four years. While the economic benefits of the program begin almost immediately, the delayed tax credits would have no fiscal impact to New York State until 2015.

In order to qualify for the tax credits, each certified capital company mustsatisfy a number of requirements in its investment portfolio, including:

• Two-thirds of its investment of certified capital must go towards qualified businesses located in under-served areas.
• Ten percent of its investment must be directed towards qualified seed funds, certified as such by the Superintendent of Financial Services.
• Fifty percent of its investments must go towards businesses focused on emerging technology products and services.
• No more than $15 million can be invested towards one individual company.

In addition, a certified capital company under CAPCO-6 would be required to return 15 percent of its net profits on qualified investments to the Department of Financial Services. This legislation also adds to the reporting requirements already present in previous CAPCO programs to ensure compliance with the requirements set forth above.

New York State last renewed its CAPCO program in 2005. The NY CAPCO was created by the Assembly over a decade ago to utilize a premium tax credit incentive to increase investment in venture capital funds focused exclusively on New York businesses. New York insurance companies can earn tax credits by making investments in small companies that have difficulty accessing traditional funding sources. Since 1998, five CAPCO programs have been certified. Through these five programs, $400 million of private capital has been raised, and the investment from these funds has created or retained over 2,000 jobs and will generate $412 million in tax revenue by 2016. Says Addabbo, “It’s a win-win for both small business owners and investors. Our current economic climate makes getting risk capital for small businesses extremely challenging. As elected officials, we must make every effort to help our small businesses.”

The bill has been sent for review to the Senate’s Committee on Investigations and Government Operations. After passage and signature by the Governor, the bill would take effect immediately.

ADDABBO SUPPORTS BILL THAT WOULD MAKE HOME INVASION ROBBERY NEW CRIMINAL OFFENSES

NYS Senator Joseph P. Addabbo, Jr., announced that the Senate has passed a bill (S.3205) that would amend the penal law in order to establish the new criminal offenses of home invasion robbery, which takes place when a robbery occurs, and offenders threaten physical force.

The bill elevates the crime of robbery if the robbery occurs in someone's home, and

1) a person is guilty of home invasion robbery in the 2nd degree (a class C felony) and is aided by another perpetrator; and

2) a person is guilty of home invasion robbery in the 1st degree (a class B felony) when he or she, in the course of such a robbery: a) causes physical injury upon an occupant of the home; b) is armed with a deadly weapon; c) uses or threatens to use a dangerous instrument; or d) displays or appears to display an actual firearm capable of producing death or serious injury.

Explains Addabbo, "Incidents of home invasion robbery have been increasing in New York State and could happen in any community. They are not to be mistaken for burglaries, which usually occur when the homeowner is away. Home invasion robberies feature confronting homeowners as key elements of the perpetrator’s attacks, directly with force, false pretense or impersonation, then restrain the victims to steal the home's contents. This kind of crime needs an increased penalty and enforcement to assist in ensuring the safety of our residents."

This bill is currently being reviewed in the Codes Committee.

ADDABBO STATEMENT ON ETHICS REFORM BILL: THE PUBLIC INTEGRITY REFORM ACT OF 2011

NYS Senator Joseph Addabbo, Jr., (D-Queens) released the following statement on the ethics reform bill passed yesterday:

The Public Integrity Reform Act of 2011 is a step in the right direction for ethics reform in Albany and towards restoring faith and public trust in our government. After advocating for ethics and campaign reform ever since I was elected to the Senate, I believe this is a good initial bill, but I know we can do more in the state legislature. Since the ethics issue is one that has traditionally plagued our state government, I will continue to promote the need for improved campaign finance reform and independent redistricting to create a more transparent and equitable government for the people of this state.

This ethics reform bill only allows for penalizing the state pensions for future elected officials convicted of crimes related to their government role. This bill should have included current elected officials in this category.

Did the desperate need for ethics reform set the standard so low that any bill, no matter how mediocre, would have been an improvement? Only time will tell with the implementation of the this Public Integrity Reform Act of 2011.

Crowley Speaks Out Against GOP’s Pro-Tax Increase and Anti-Choice Bill

Below are Congressman Joe Crowley’s (D-Queens, the Bronx) remarks as prepared for delivery on the House floor today during debate on the Republicans’ H.R. 3 – legislation that would infringe on Americans’ rights to make decisions about their own health as well as prohibit employers from receiving tax credits for employees’ health care coverage if the plan includes abortion care, ultimately raising costs for employees’ health insurance and burdening America’s small businesses:

“Mr. Speaker, on the Republicans’ 100^th day of majority rule in the House, I stood speechless on the House floor at their failed campaign promise to focus on job creation and economic growth.

“They say actions speak louder than words, and it is true.

“For all the Republicans’ talk about putting Americans back to work, their actions demonstrate this is the least of their priorities. Instead, they have cut jobs, raised taxes and reduced Americans’ access to health care.

“The bill being debated today also has no jobs component whatsoever. In fact, it will raise taxes and hamper small businesses. In their ideological zeal to restrict women’s right to choose, the Republicans have prioritized a measure that the South Carolina Small Business Chamber of Commerce calls a “slap in the face” to small business owners.

“My colleagues, please remember that your actions, not words, are what truly speak for you.

“If you vote for this bill, you are voting to raise taxes and hurt small businesses.

“I urge you to vote to uphold your campaign promises.

“Vote no on this bill and let’s get back to work on America’s priorities.”

Rep Joe Crowley Gives GOP the Silent Treatment (Video)

100 Days into the 112^th Congress and Still No Jobs Bill from the GOP

Crowley: “I’m… Speechless”

Today, Congressman Crowley (D-Queens, the Bronx), a chief deputy whip in the Democratic leadership of the U.S. House of Representatives, “spoke out” on the fact that after 100 days into the GOP majority in Congress, Republicans have yet to produce a bill that will create jobs.

NYS Comptroller DiNapoli: Hispanic Businesses Grew Three Times Faster than All Businesses in New York, Generating $18.2 Billion in Sales in 2007

New York State was home to over 193,200 Hispanic-owned businesses in 2007 (the most recent year for which data is available), according to a report on Hispanic-owned businesses in the state released today by New York State Comptroller Thomas P. DiNapoli. the report found the number of Hispanic businesses grew by 85 percent over a ten-year period, almost three times faster than the total number of businesses in the state. During the entire reported ten year period, sales for all Hispanic-owned firms in New York increased by almost 77 percent, to $18.2 billion.

“Hispanic-owned businesses account for nearly 10 percent of all businesses in New York State, and that number continues to grow,” DiNapoli said. “The Hispanic business community is a force to be reckoned with and an important source of new jobs, particularly in New York City. We have to make sure these businesses are given every opportunity to grow, thrive and create new jobs.”

DiNapoli’s report found that Hispanic businesses have a high concentration in the services industry, specifically in the professional, personal, health and social service sectors. Although the numbers of Hispanic businesses in the finance and information sectors are low, they continue to show a rapid growth trend.

DiNapoli’s report also shows that in 2002, about 73,000 Hispanic firms in New York were owned by women. This accounted for 45 percent of all Hispanic-owned businesses in the state. Although data on the number of woman-owned Hispanic businesses is not available for 2007, the number of firms owned by women in general grew by 17.7 percent between 2002 and 2007.

The report also highlights:

· Most Hispanic-owned firms in New York are small, family owned businesses. Nearly 91 percent had no employees other than their owners in 2007;
· The total number of employees increased by nearly 53 percent between 1997 and 2007 for the other 9 percent;
· New York City was home to 143,000 Hispanic-owned firms in 2007 which is 74 percent of the statewide total;.
· The number of Hispanic-owned firms in New York City grew by 89 percent since 1997, slightly faster than in New York State overall.

For a copy of the report visit:
http://www.osc.state.ny.us/press/releases/apr11/Hispanic_businesses_Rpt1-2012.pdf

Wall Street's Free Ride - American Family Voices - YouTube

Here’s a new Web ad an organization, American Family Voices, just put up that does a great job of talking about this issue from the small business point of view...

Rep Joe Crowley Standing Up for the Middle Class

Crowley Criticizes GOP for Voting to Raise Taxes on American Families

Today, Congressman Joe Crowley (D-Queens, the Bronx), a Chief Deputy Whip in the U.S. House of Representatives, criticized Republicans for voting to increase taxes on hard-working, middle class American families. Included in the Republican Small Business Paperwork Mandate Elimination Act of 2011 (H.R. 4), a bill to repeal the onerous 1099 reporting provision in the Affordable Care Act (P.L.111-192), is a $25 billion tax increase on the middle class. The Republicans’ tax increase would mean that slight changes in income throughout the year could force middle-income families to owe significantly more taxes on their health benefits.

“Well, it certainly didn’t take long for Republicans to break their campaign pledge to not raise taxes on the American people. Republicans’ broken promise not only came fast and furious, it came on the backs of hard-working, middle class Americans,” said Congressman Crowley. “Repealing the 1099 provision should be about lifting a burden on America’s small-businesses, not about placing one on the middle-class. But today, Republicans chose to do just that – further burden hard-working American families.”

Crowley, a member of the Ways and Means Committee, spearheaded the effort to block Republicans from raising taxes on middle-income families as part of H.R. 4. Crowley offered an amendment to prevent any tax increases on the middle class during the Ways and Means Committee’s consideration of the Comprehensive 1099 Taxpayer Protection and Repayment of Exchange Subsidy Overpayments Act of 2011 (H.R. 705), a bill that was later incorporated into H.R. 4. Along a straight party-line vote, Republicans rejected the Crowley amendment and, in turn, rejected their own pledge to not raise taxes on American families.


Congressman Crowley is a seven-term representative from the 7th Congressional District of New York, which includes sections of Queens and the Bronx. He serves as chief deputy whip in the Democratic leadership of the U.S. House of Representatives and is a member of the House Ways and Means Committee, which is responsible for all tax, trade and Social Security issues, as well as health and retirement security.

Today in Desperate Tactics by Wal-mart: Trying to Shut Down a Website That Encourages Questions of Wal-mart

Things That Walmart Has Been Sued For: Wage and Sex Discrimination, Lack of Bathroom Breaks, Overtime, Trampling

Councilmember Melissa Mark-Viverito, on behalf of Walmart Free NYC, issued the following statement today upon receiving the news that Walmart is asking that a website for grassroots organizing against the job killing and small business closing mega-store be shut down:

“Since they’ve been sued so many times for wage and sex discrimination, lack of bathroom breaks, overtime and a trampling death I guess Wal-mart’s lawyers decided they wanted to file their own lawsuit for once.” said Councilmember Melissa Mark-Viverito. “Instead of ignoring Council hearings and trying to shut down websites that only seek to expose the truth and the facts of how they do business, Wal-mart should be welcoming the opportunity to actually engage with New Yorkers rather than bombard them with ads and slick mailpieces.”

Yesterday, Wal-mart sent a letter to the company that issued the domain name alleging copyright infringement.

Wage/Sex Discrimination: Click here 

Bathroom Breaks: Click here

Overtime: Click here

Trampling: Click here 

Small Business Seminar - Saturday February 12th (11am - 1pm) at the Woodhaven Richmond Hill Volunteer Ambulance Corps - Sponsored by Assembly Member Mike Miller

Click on image to enlarge...

Free Seminar for Small Business Owners and Employees

When: February 12th

Time: 11am - 1pm

Where: Woodhaven-Richmond Hill Volunteer Ambulance Corps

78-15 Jamaica Avenue - Woodhaven, NY

Sponsored by Assembly Member Mike Miller

Howard Beach Site to Become Retail by Anna Gustafson - Queens Chronicle

Read original...

A 7.5-acre site at South Conduit Avenue and Linden Boulevard sold to JSB Realty for $4.5 million. The company is expected to turn the site into retail space and a car dealership.

The site of a development that went bust in Howard Beach sold this week for $4.5 million and is expected to become retail stores and an automobile dealership, according to the individual who handled the transaction.

“The previous owner ran out of financing,” said Massey Knakal First Vice President of Sales Stephen Preuss, who handled the Jan. 14 sale of the 7.5-acre site at South Conduit Avenue and Linden Boulevard. “It has been sitting there for about three years untouched.”

Cobblestone Estates, the previous owner, worked with Bank of New York to sell the site to Brooklyn-based JSB Realty.

Massey Knakal officials said there had been an approved plan for a private gated community consisting of 237 units at the site. Additionally, Community Board 10 Chairwoman Betty Braton said the area had been rezoned several years ago, after which the community had expected a commercial complex at the site named Lindenwood Commons.

Foundation plumbing and basement floors for 111 units were completed by the previous owner, according to a statement from Massey Knakal. Preuss said Cobblestone Estates likely spent “a few million” on the work that has been done up to now.

Preuss said the new owner, who could not be reached for comment, expects to convert the site into retail space and a car dealership. He did not specify what kind of store or stores may be built at the site, though a statement from Massey Knakal did note the space is “ideal for a prime retail or mixed-used site for a big box national tenancy or strip center.”

The $4.5 million JSB Realty purchased the site for is under market value, in part because the group will likely have to pay millions of dollars to address environmental concerns, according to Preuss.

“There needs to be remediation with the soil,” he said. “It used to be a transfer station.”

Despite the environmental concerns, Preuss said the site was in a prime location.

“This is a very rare opportunity for such a large price of buildable land with dense demographics, high visibility and in close proximity to all major transportation,” he said in a statement.

State Sen. Joe Addabbo Jr. (D-Howard Beach) said he was not surprised the previous owner was unable to complete his plans for the site.

“When I was in the City Council in 2002 and 2003, I had the developers into my office because I had concerns about traffic,” Addabbo said. “Being a former real estate attorney, I said, ‘this gentleman is pricing himself way out of this neighborhood.’”

While Addabbo said he would be pleased with jobs created by incoming development, he remains concerned about traffic patterns and the general “safety of residents.”

“I'll be talking to the developer to relay my concerns and follow up with what is best for the community,” Addabbo said.

Braton too said there would be upcoming talks between residents and the developer about the site.

“The developer can build whatever is as of right to the property considering its zoning,” she said.

Developments going sour is nothing new in this economy, Preuss noted, and said there will be additional sites that will likely be sold because the owners have run out of money.

“There’s a lot of distress out there,” he said. “People will be seeing a lot more of this.”