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Arcuri: New York Employers Eligible for Tax Exemptions on Nearly 500,000 New Hires PDF Print

October 12, 2010

WASHINGTON, DC-Today, U.S. Rep. Michael A. Arcuri (NY-24) presented a new U.S. Treasury Department report showing that New York businesses have hired an estimated 467,289 new workers from February to August 2010 and are eligible for tax exemptions and credits Congress approved earlier this year to put Americans back to work.  Through the Hiring Incentives to Restore Employment (HIRE) Act, those businesses are now eligible to receive tax exemptions and credits for new hires, who have been unemployed for eight weeks or longer.

"My number one priority is putting New Yorkers back to work and the HIRE Act is making that happen," said Arcuri who was recently named a "Guardian of Small Business by the National Federation of Independent Businesses.  "The HIRE Act gives employers an incentive to hire new workers by providing tax exemptions and credits.  This, along with the Recovery Bill and just enacted Small Business Jobs Act, are part of our comprehensive efforts to spur economic development by providing our businesses and industries with incentives to grow and create jobs."

The HIRE Act includes a payroll tax holiday for businesses that hire unemployed workers and an income tax credit of $1,000 for businesses that retain these employees. It also includes tax cuts to help small businesses invest, expand, and hire more workers, provisions - modeled after the Build America Bonds program - to make it easier for states to borrow for infrastructure projects, such as school construction and energy projects, and an extension of the Highway Trust Fund that allows for billions of dollars in infrastructure development around the country.

Earlier this month, Arcuri voted for, and Congress passed, the Small Business Jobs Act, and was also one of only two New York Democrats honored by the National Federation of Independent Businesses as a "Guardian of Small Business" for his outstanding small-business voting record and commitment to spurring economic growth and creating new jobs.

This Congress, Arcuri has helped pass 16 separate small business tax cuts which can be seen by clicking here.

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