HIRE Act Summarized
March 17th, 2010 by Harold Ford
The HIRE Act, an $18 billion dollar bill that was passed by the Senate today and the House in February, will provide incentives to those organizations that are looking to hire in 2010.
The Hiring Incentives to Restore Employment Act will offer tax credits and exemptions to companies in an effort to reinvigorate the workforce. Here is a summary of what will become a law once President Obama signs the legislation:
- Employers who hire people who have been unemployed for at least 60 days will get an exemption from Social Security payroll taxes through December for each of those workers.
- Employers can take an additional $1,000 tax credit on their 2011 tax return for every new worker retained at least 52 weeks.
- Small businesses can write off $250,000 of the cost of new equipment purchased this year, instead of having to depreciate those costs over time.
Do you think the HIRE Act will be a positive change to our economy? How do you think this will effect your hiring decisions?
