Guest Commentary: Brendan J. Tully

I miss Jimmy. Jimmy ran a pizza place in my hometown. I went there frequently, and in addition to having a delicious slice of pizza, the shop had the warm and welcoming atmosphere typical of a neighborhood restaurant. 

Every time I went in, Jimmy greeted me with a warm smile and a handshake, and he made me feel like I was coming into his home. He was the type of business owner that knew his customers' names and just how they liked their food.

Jimmy's was a true "Mom & Pop" shop: he made the pizza and his wife ran the register. Jimmy ran the type of local business that strengthens the community. He employed numerous locals as waiters, deliverymen and staff, and he gave back to the community and supported local causes. 

Recently, I stopped by Jimmy's and his business was closed, a casualty of our difficult economy. Each time a small business like Jimmy's closes, dedicated and hardworking employees lose their jobs, our communities are left with another vacant storefront, and small business owners lose the livelihood for which they have worked so hard. 

Over the last few months I have spoken to many small business owners and they are all facing similar problems due to the recent recession. One of their biggest concerns is that banks have drastically reduced lending to small businesses. Without access to business loans, many small businesses have a hard time just getting by. Others are unable to expand their operation or to offer jobs to the unemployed. 

According to a recent report, bankruptcy filings by small businesses are up 34 percent. We can't rebuild our economy if small business owners can't get the capital that they need to stay afloat. Healthy small businesses support our local economy by creating jobs and creating a local revenue stream. 

I have a plan that will give small business owners access to capital not only to withstand a slow economy, but also to expand, to increase revenue and to create much-needed jobs: The Mom & Pop Opportunity Tax Credit.

New York State is blessed with potential investors who want to invest in good business ideas and opportunities. Unfortunately, due to our state government's current lack of support and resources for small businesses, these investors are looking beyond New York and placing their money in businesses out of state. What we need is for investors to put money in the hands of our local small businesses – businesses like Jimmy's. 

To do that, we have to make investing in New York's small businesses more attractive.  To make this happen in a weak economy, I propose that we create a Mom & Pop Opportunity Tax Credit.

My plan will provide a tax credit for investments in New York State's small businesses. This investment capital will be given promptly and directly to small businesses so that they can survive the credit crisis, expand, and hire more local workers. The investment capital will be pooled and distributed through an independent fund, so that investment decisions will be made by professionals - not politicians - and will be based on business viability and return on investments. The program will be accountable through diligent and performance-based review, to make sure that investments are coming in, that money gets out to small businesses quickly, and most importantly, that the investments actually create new jobs.

My plan is modeled on a Federal program that has been proven to work in other communities. By implementing it for New York's small businesses, millions of dollars will be poured into "Main Street" businesses, and thousands of jobs will be created statewide. 

Our state government has ignored the dire situation that our small businesses face in this economy. We deserve better than that. We deserve a state government that supports small businesses, and leaders that have new and creative ideas that will help small businesses get through the credit crisis so our neighbors can keep their jobs and put food on their families' tables. 

I miss Jimmy, but if I am elected to the State Assembly, I will fight to get the Mom & Pop Tax Credit passed so that we can stop more local businesses like Jimmy's from closing.