Labor Seal NYS Department of Labor                          

Contact Leo Rosales Cell: 518-281-6167 Office: 518-457-5519 Email: leo.rosales@labor.ny.gov www.labor.ny.gov
Labor Department Encourages NY Businesses to Use Online Calculator to Determine HIRE Act Tax Credits

Albany, NY (April 22, 2010) - Can't See the video? Get Adobe Flash Player. State Labor Commissioner Colleen C. Gardner today announced the Department of Labor's new online HIRE Act calculator.  This simple and easy tool shows businesses the financial benefits of hiring unemployed workers - all with one click of a mouse.  

The HIRE Act calculator will help employers in New York take advantage of the federal government's Hiring Incentives to Restore Employment (HIRE) Act, which was signed into law by President Obama last month.  Employers simply enter the employee's annual salary for 2010, choose the month they were hired, and click "Calculate." In turn, the HIRE Act calculator determines the employee's salary for the part of the year the employee will be working, the maximum tax credit the employer can receive, and the maximum bonus retention credit for 2011.

"While New York's economy has stabilized over the past few months, many businesses are still hesitant to add additional workers to their payrolls," said Commissioner Gardner. "This online calculator shows New York's businesses, clearly and simply, how hiring the unemployed can help their bottom line.  I urge employers across the state to look into the HIRE Act, take advantage of our calculator, and most importantly, help us get the unemployed back to work."   

Under the HIRE Act, employers who hire New Yorkers out of work for 60 days or more this year (after Feb. 3, 2010 and before Jan. 1, 2011) may qualify for a 6.2 percent payroll tax incentive. In addition, for each worker retained for at least a year, businesses may claim an additional tax credit up to $1,000 if they keep that individual on the payroll for 52 weeks.

This new calculator joins a long list of other technologies that the Department uses to improve customer service and communication with the general public, such as the online UI calculator and social networking services like Facebook, Twitter and YouTube.

The Hire Act calculator can be found at the following link: http://www.labor.ny.gov/HireActCalculator.shtm.

 

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