Tuesday, July 5, 2011

Bill Gives Businesses Tax Credit for Hiring Unemployed

Sen. Sheldon Whitehouse (D-RI) has introduced a measure, the Job Creation Tax Credit Act of 2011 (S. 1271), which proposes to provide businesses with tax incentives for hiring individuals in 2011 and 2012 who have been unemployed. The bill would expand on certain provisions in the HIRE Act of 2010 by giving employers refundable tax credits of 15% of wages paid in 2011 and 10% of wages paid in 2012 for qualified new hires.

A "qualified" individual under the bill would be those who (a) begin employment with the employer after the date of the bill’s enactment but before January 1, 2013; (b) have not been employed for more than 40 hours during the 60-day period before the date of hire; and (c) are not being hired to replace another employee unless that employee left work voluntarily or for cause.

For more, here is the press release on the bill from Senator Whitehouse's website.

No comments:

Post a Comment