Schumer, Hatch Back Payroll Tax Break

ALBANY -- Republican New York senators and Democratic U.S. Sen. Charles Schumer are proposing separate, but similar job-creating programs that would use tax incentives to entice employers to hire the unemployed.

The proposal by the state Senate's GOP minority includes a tax credit of between $2,500 and $3,500 for three years for an employer every time a new job is created and filled. It would also end the state's corporate franchise tax for small businesses and roll back an income tax surcharge a year early.

The proposal by Schumer and Republican Sen. Orrin Hatch of Utah would exempt businesses from the employer's share of Social Security taxes for the rest of 2010 when they hire workers who were unemployed at least 60 days.