In the bowl of a stand mixer, cream the butter, sugar, and cream cheese until light and fluffy using the whisk attachment.
Mix in the corn syrup, vanilla, hazelnut extract, egg, and Nutella scraping the sides and bottom of the bowl so that everything gets mixed in.
Switch your mixer attachment to a paddle or dough hook. Mix in flour, baking powder, salt, and baking soda until everything is mixed in.
Remove the dough from the mixing bowl and wrap in plastic wrap. Refrigerate for at least 1 hour.
Preheat oven to 375 degrees. Lightly grease 2 baking sheets or line with parchment paper.
On a lightly floured surface, roll dough out to 1/4 inch thick. Use cookie cutters to cut out desired shapes, re-rolling the dough as necessary.
Place cookies on the prepared baking sheets. Bake in the preheated oven for 10 minutes. Remove from oven and cool for 2 to 3 minutes on the pan before carefully removing to cool completely on a wire cooling rack.