Senator Gillibrand introduces job creation tax credit legislation
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WASHINGTON, D.C. -- Senator Kirsten Gillibrand has introduced legislation that could benefit both business owners and New Yorkers looking for work.
Gillibrand's job creation tax credit proposal builds on a plan which started over 30 years ago and was responsible for the creation of 700,000 jobs.
Gillibrand said the job creation tax credit could create millions of new jobs at a time when unemployment is continuing to rise and nearly 850,000 New Yorkers are out of work.
According to a report released by the Congressional Budget Office in January, "Providing tax credits for increases in payrolls would increase both output and employment."
If the legislation is passed, employers who choose to increase their payroll by hiring new employees will be eligible to receive a tax credit for up to one year.