Rep. Maloney Introduces Bill to Spur Job Growth
"Too many New Yorkers are out of work - but this legislation, when signed into law, will create the jobs we need," Maloney said. "A similar program in the 1970s was credited with creating hundreds of thousands of jobs and I believe this proposal will be even more successful.
"One of the last areas to recover in a recession is job creation. We are digging our way out of this recession, but we need to work harder and faster for the millions of American families who have been hard-hit in the economic downturn."
The bill would provide tax credits equal to 20% of the cost of new hires for businesses with fewer than 100 employees, and a 15% credit for businesses with more than 100 employees. The tax credits would be available for one year following the enactment of the bill and would be available only to businesses that increase payroll by hiring new workers.