Energy plan would save millions

State Sen. Mary Lou Rath, R-C-I, Williamsville, has unveiled a comprehensive energy plan that would provide $350 million in relief from high energy costs to small businesses to help them create and retain jobs.

Like millions of New York homeowners, small businesses have cited high energy costs as a significant problem that is hurting their bottom lines.

Most of the new jobs in New York State are being created by small businesses. Small-business owners have cited increasing energy costs as one of the biggest problems they face in staying competitive.

The centerpiece of the plan would address that concern by providing a $350 million refundable tax credit that would help 386,000 eligible small businesses across New York State afford the rising cost of energy.

The Senate small-business energy assistance bill will be sponsored by Rath. Businesses with fewer than 20 employees would be eligible for the assistance. Businesses of this size employ about 1.4 million New Yorkers.

"The high cost of energy limits many local businesses from being able to expand and forces others to make cuts," Rath said. "This plan will give small businesses, and the 1.4 million people they employ, the help they need to remain economically competitive, to protect jobs and even create ones, and to grow their businesses."

Under the plan, a credit of two cents per kilowatt hour would be applied directly to eligible businesses' tax liability, while businesses that do not owe taxes would receive a rebate check.

The benefit level of two cents per kilowatt hour approximates the rate benefit provided under the Power for Jobs program, which has proven to be one of the state's most important economic development programs.

The plan is expected to be voted on by the Senate in an upcoming session.