The Hiring Incentives to Restore Employment (HIRE) Act was recently enacted to provide businesses a tax break to hire new employees in 2010.

 

“Businesses that hire a person who has been unemployed for 60 days or more can avoid paying the employer’s share of Social Security taxes on that worker for the remaining part of the year,’ said Terry R. Stark, Director of the Broome-Tioga Workforce Investment Board. 

 

Businesses who take advantage of the program are projected to save thousands of dollars depending upon when the employee is hired and the amount of the wage.

 

“For example, a business that hires a new worker in April at an annual wage of $35,000 per year, could save as much as $1,800.00,” said Stark.

 

“This hiring incentive not only makes it more likely that a business will bring more workers on their payroll, but it will remove persons from receiving unemployment, and instead provide them with wages and a more viable future,” said Stark.

 

An employer cannot receive the benefit for hiring someone to replace an existing worker. In addition, to promoting long term employment, the plan adds a $1,000 tax credit in 2011 for every eligible employee retained for a continuous 52 weeks.

 

Businesses interested in learning more about this tax credit, can contact Broome Workforce New York at 607-778-2230.

 

Broome-Tioga Workforce New York operates two One Stop Centers to provide local residents with employment assistance and career advice, and to assist businesses with recruiting and training. The Workforce New York offices are located at 171 Front Street in Binghamton, and at the Tioga County Human Services building located on Route 38 in Owego.

 

Broome-Tioga Workforce is a unique partnership between Tioga and Broome Counties and the regional business community to help businesses recruit and retain talented workers, assess and respond to current and future workforce needs, and help individuals obtain rewarding career opportunities.