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View All NewsJobs bill includes payroll tax break
March 17, 2010
A jobs bill aimed at spurring hiring, the Hiring Incentives to Restore Employment (HIRE) Act, was signed by President Obama today.
Employers will receive a Social Security payroll tax exemption in 2010 for every worker hired who has been unemployed for at least 60 days under the HIRE Act. In addition there will be an additional $1,000 income tax credit for every new employee kept for 52 weeks to be taken on the employer's 2011 income tax return.
The act also includes other provisions for highway programs and bonds to allow local governments to finance infrastructure projects.
Employers will receive a Social Security payroll tax exemption in 2010 for every worker hired who has been unemployed for at least 60 days under the HIRE Act. In addition there will be an additional $1,000 income tax credit for every new employee kept for 52 weeks to be taken on the employer's 2011 income tax return.
The act also includes other provisions for highway programs and bonds to allow local governments to finance infrastructure projects.