Albany rally highlights bill that would provide Canarsie small businesses with up to $4,000 for marketing in community media
A first-of-its-kind tax credit to give small businesses in Canarsie some much-needed financial support is gaining momentum in Albany.
Earlier in March, a large bipartisan group of New York State legislators joined business leaders and local news organizations in person at the State Capitol in support of the Lift Our Communities, Advertise Locally (LOCAL) Act, which would establish a new $10 million tax credit for small businesses advertising in local media outlets. Sponsored by State Senator Monica R. Martinez and Assemblywoman Jennifer Lunsford, the LOCAL Act aims to maximize the reach of small businesses’ advertising dollars, while supporting the work of the media outlets New Yorkers rely on every day for critical information.
“Communities are built on connections with neighbors, and the same is true for small businesses. The LOCAL Act supports this relationship by encouraging these community-based businesses to advertise with the media outlets already trusted by the neighbors they are committed to serving,” Martinez said at the March 11th event.
The LOCAL Act now has four co-sponsors in the State Senate and seven in the Assembly, several of whom attended the rally. Ahead of the rally, nearly 20 major business groups across New York – including the National Federation of Independent Business, Upstate United and the Queens Chamber of Commerce – sent a letter to Governor Kathy Hochul and state leadership urging them to support the LOCAL Act.
“Small businesses are the backbone of our economy, driving job creation and growth in communities across New York. However, they continue to face significant financial challenges … This is pragmatic legislation that will help – and be tremendously appreciated by – the thousands of small businesses that make New York the world’s preeminent place to start and operate a business,” the letter reads.
Championed by the Empire State Local News Coalition, the LOCAL Act also has the staunch support of the coalition’s more than 200 local newspapers across the state. More than two-and-a-half U.S. newspapers disappear per week, and here in New York, several counties have only one local news outlet.
“The LOCAL Act is a win-win-win for local businesses, local news and local communities,” Zachary Richner, founding member of the Empire State Local News Coalition, said. “These institutions are intricately connected and work together to create the vibrant communities that New Yorkers love.”
Under the LOCAL Act, a minority-, woman- or veteran-owned business, as well as any business with 10 employees or fewer, would be eligible to receive a refundable tax credit of 80% of its first $5,000 of local advertising for a maximum credit of $4,000 per year. The program would be capped at $10 million annually.
“The LOCAL Act is about more than just advertising – it’s about investing in the economic health of our local community and investing in the kind of local journalism that we need now more than ever,” Lunsford said.
The bill is expected to be voted on later this year.
Photo: IAG Wealth Partners