U.S. Sen. Charles Schumer visited Orange County”™s Business Accelerator in New Windsor on Feb. 17 to bring the business community up to speed on new legislation he and Sen. Orrin Hatch of Utah are proposing.
Under the legislation, companies who hire employees who have been unemployed for more than 60 days would be excluded from paying the company”™s share of Social Security taxes on that worker for the duration of 2010.
The longer a business has a worker on its payroll, the greater the tax benefit ”“ up to $106,800 ”“ according to a statement from Schumer”™s office. Benefits would go immediately into the business”™ cash flow and would not have to wait until 2011 to receive a tax credit.
Schumer said the measure is “effective and bipartisan” and has been included in the Senate jobs bill set to pass the Senate the week of March 1.
Schumer is scheduled to attend a brunch with the Greater Mahopac-Carmel Chamber of Commerce on March 12 at Villa Barone in Carmel and may have more concrete news to share with Hudson Valley business owners at that time.
