Lt. Gov. Kathy Hochul: Business tax breaks, renter assistance key to recovery

Lt. Gov. Kathy Hochul on Wednesday said new tax breaks for restaurants and entertainment venues, rent relief for struggling residents, child care initiatives and regional infrastructure projects will help bring Long Island out of the pandemic economic crisis.

Hochul made her comments at the Long Island Association's annual State of the Region breakfast, with more than 600 local business leaders, lawmakers and others logged onto the event.

Hochul highlighted $130 billion in state tax credits for small businesses she said would help the restaurant and hospitality industries; the state's $306 billion investment in infrastructure, including the LIRR third track project from Floral Park to Hicksville; the new Islanders' arena and entertainment center at Belmont Park slated to open in the fall; a deal with defense contractor Northrop Grumman for environmental cleanup; and millions of dollars for child care centers as many schools remain closed.

A program to eliminate penalties for renters who are late on their payments aims to help families save money that they can funnel into the local economy, Hochul said.

"A lot of families got crushed through no fault of their own," Hochul said.

Hochul also noted the $350 billion in pandemic assistance to state and local governments contained in a $1.9 trillion bill passed by the U.S. House on Wednesday.

New York State's finances, "are going to be in a much better place," Hochul said.

"We don't want to focus on the last year because it's been a dark year but I do think there are going to be some take-aways that will be more positive for Long Islanders," Hochul said before her presentation.

Nassau County Executive Laura Curran and Suffolk County Executive Steve Bellone also participated in the breakfast. The event was hosted by LIA President Kevin Law, who will leave his post at the regional business group at end of March.

Hochul, Curran and Bellone all lauded the work of New York's congressional delegation for their work on the federal aid bill, thanking Senate Majority Leader Chuck Schumer, specifically.

Curran said of Nassau's budgeting process last fall: "We had planned for no financial assistance from Washington."

But with restructuring of debt and new federal money, Curran said she has prioritized 12 public works projects she said would create more than 3,300 construction jobs in the county, generating about $400 million in revenue.

Bellone said he was "incredibly optimistic" about the post-pandemic economy, noting that 19% of Suffolk residents have received the COVID-19 vaccine to date.

"We're in a race really with the virus," Bellone said.

By Candice Ferrette

candice.ferrette@newsday.comcandiceferrette

Candice Ferrette covers Nassau County government and politics on Long Island. She has been a reporter at Newsday since 2011.