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Bill would provide tax credits to businesses that expand their payroll
A new proposal (H.R. 4437) would provide a 15 percent refundable tax credit to any businesses that expands its payroll by at least 3 percent in any calendar quarter of 2010, and a 10 percent refundable tax credit to any business that expands their payroll by at least 5 percent in any calendar quarter of 2011.
The bill, called the HIRING Act, could create 2.7 million private sector jobs in its first year and nearly 2 million jobs in its second year, at an average cost of $1,800 per job when economic growth effects are taken into account, according to the Economic Policy Institute. The tax credit will be based on payroll and businesses will be rewarded for hiring new employees, increasing employee hours, or restoring employee pay. The HIRING Act would also provide tax credits quarterly, so a business could realize the tax benefit more immediately.
According to the bill’s sponsor, Rep. Bob Etheridge (D-NC), the HIRING Act has been endorsed by the Small Business Majority and grows out of a proposal by the Economic Policy Institute.
(Source: CCH)
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