BUFFALO, NY (WKBW) -- New York State Senator Michael Razenhoffer announced his Job Creation Plan today, aimed at putting out of work New Yorkers back to work.
Part of Razenhoffer's plan includes a tax credit for businesses which hire New Yorkers who currently receive unemployment insurance.
"With the unemplyment rate at 9%, the State's unemployment costs have increased dramatically and worsened our State's budget defecit. This revenue-neutral plan would provide incentives for businesses to put New Yorkers back to work and remove them from the unemplyment rolls, while reducing unemployment costs to the taxpayer," said Senator Razenhofer.
The average unemployment benefit is $314 a week, and people can receive benefits for up to 99 weeks. Under the plan, a business can qualify for a $3,000 tax credit if a new hire is taken from the ranks of unemployed persons collecting insurance from the State, meaning that the tax credit pays for itself after ten weeks of emloyment.
The Job Creation Plan also includes a $2,500 to $5,000 tax credit for every new job created, enacts a moratorium on new taxes, fees regulations and red tape, and cuts the corporation franchise tax in half for small businesses.
The State Labor Department recently reported New York's unemployment rate is at 9%. New York State lost 269,000 jobs last year, and Governor Paterson predicts an addiotional 40,000 jobs lost for 2010.
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