The HIRE Act — which provides businesses with incentives for hiring the unemployed — is set to expire at the end of the year. New legislation could change that.

Sen. Charles Schumer (D-NY) and Rep. Paul Tonko (D-NY) have introduced new legislation into the Senate and House of Representatives intended to extend by six months the HIRE Act, which was signed into law by President Obama on March 18, 2010. As it currently stands, the HIRE Act provides tax incentives for businesses hiring unemployed workers. These benefits include: a 6.2% payroll tax incentive for employers who hire unemployed workers this year, until Jan. 1, 2011, and a $1,000 general business tax credit for each worker retained by the employer for at least one year.

Under the HIRE Now Tax Cut Extension Act of 2010, qualified employers hiring qualified employees from July 22, 2010, through June 30, 2011, would be entitled to take advantage of the HIRE Act’s benefits for an additional six months. The legislation is before the House Ways and Means Committee and the Senate Committee on Finance.

For more on the details, forms and requirements of the HIRE Act, go here.