First, to assist them in creating jobs I support a $2,500 tax credit for each employee hired by a small business who stays employed for at least a one-year period. This incentive will provide business with much needed tax relief and allow them to re-invest in their infrastructure and hire additional staff.
Second, the rising cost of healthcare coverage has placed a significant burden on small businesses and needs to be made a priority on the state level. In speaking to many business owners, the unpredictability of rate increases by health insurers in recent years is often the single factor that has prohibited them from hiring new staff and in some cases, retaining the staff they currently employ. We must mandate caps on rate increases to allow businesses to budget accordingly and give them the assurance of knowing that an unexpected rate hike will not be a factor in the retention of their current workforce.
Third, we must work with local banking institutions to continue opening lines of credit. Without credit small businesses cannot expand. We have used government funding to sustain these banks and we must now hold them accountable for assisting us in this period of economic recovery. Small business need capital now and we have to make sure that they receive the resources they need to continue doing business and expanding employment opportunities.
In addition, we must continue to properly utilize the tools that have helped stabilize the economy during the recession. We must ensure that federal stimulus funding is being directed to the appropriate agencies to both create and retain jobs. Millions of dollars have been allocated to expand small business and we need a State Senator who knows how to work with the various agencies on Beacon Hill to make sure that stimulus dollars are distributed into our communities in a both an efficient and transparent manner.
Finally, we must continue to encourage new industries, such as the biotechnology and film industries, to make Massachusetts their home. Both of these industries have contributed much needed revenue to our state, and in the particular case of the film production companies who have done work in our communities, have contributed to the stability of our small businesses, such as restaurants, retailers, supermarkets, hotels and coffee shops.
The recession that we have faced has been difficult on all of us and our economic recovery will not happen overnight. While they are not the only area of the economy we must focus on, we would be well-served by partnering with the small business community to help accelerate this process and put more our state’s residents back to work and on the path to financial stability.
Thank you for your time. If you live in the Middlesex, Suffolk and Essex District, I respectfully ask for your support on April 13th. If you would like to get involved with the campaign you or would like to learn more, please visit www.salforsenate.com or call 617-387-3507.
Sal DiDomenico
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p>2. Health care costs: It’s all fine and well to cap insurance increases, but that doesn’t address the drivers of the increases: The actual cost of care, i.e. docs, devices, and procedures. Got any ideas for how to control those?