Ranzenhofer unveils tools to put New Yorkers back to work; Job Creation plan includes tax credits for hiring unemployed, new jobs
Batavia, NY – State Senator Michael H. Ranzenhofer has announced a plan to help put the unemployed back to work and create an environment to add jobs in New York. Under the plan, a business can qualify for a $3,000 tax credit if a new hire is taken from the ranks of the unemployed who are collecting unemployment insurance from the State.
“With the unemployment rate at nine percent, the State’s unemployment costs have increased dramatically and worsened our State’s budget deficit. This revenue-neutral plan would provide incentives for businesses to put New Yorkers back to work and remove them from the unemployment rolls, while reducing unemployment costs to the taxpayer,” said Senator Ranzenhofer.
The average unemployment benefit is $314 a week. Unemployed persons may collect for up to ninety-nine weeks. The unemployed tax credit pays for itself after ten weeks of employment.
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.
“During the economic slowdown, a large number of unemployed workers took advantage of the Federal Economic Stimulus training funds to upgrade their technical skills through education. Now as the economy revives, the tax credit incentives being proposed by Senator Ranzenhofer in bill S5264 would enable area businesses to take advantage of the newly trained workers to assist them as their business grows,” said Genesee County Job Development Executive Director Scott Gage.
"Small business is the engine that drives most job creation in our economy--and that will grow us out of this economic mess. Lowering New York's second worst in the nation business tax climate and cost of doing business is really what small business needs to survive and grow, and that's exactly what this job creation plan will do. These proposals put forth today by Senator Ranzenhofer are the right recipe for expanding our economy and deserves bipartisan support in both houses of the Legislature," said New York State Director of the National Federation of Independent Business Mike Elmendorf.
“When the government creates jobs it is at a cost to all taxpayers; but when the government invests in private sector small business via tax relief in any form it allows the true engine of our economy, small business, to create private sector jobs that generate tax revenue and spending in the private sector. This tax relief must be broad enough to have an impact across all sectors of business and not creatively designed for special interests. We, as small business in New York, are over taxed, over regulated and being choked by the present system. The Senator’s plan is a great step in the right direction,” said Clarence Wall and Ceiling Owner Al Nemmer.
The State Labor Department recently reported New York’s unemployment rate is at nine percent. New York State lost 269,000 jobs last year. Already, Governor Paterson has predicted an additional 40,000 jobs lost for 2010.
Senator Ranzenhofer has been serving in the State Senate since 2009. He represents the 61st District which includes part of the city of Tonawanda, the Towns of Amherst, Clarence, Newstead and Tonawanda in Erie County and all of Genesee County.