HIRE Act Increases Employer Tax Break Eligibility
According to a recent Treasury report, increasing numbers of employers are utilizing the Obama Administration’s HIRE Act tax incentive to hire new employees who have been out of work for 8 weeks or more.
The bill provides employers a 6.2 percent tax break on all employees hired between February 3, 2010 and January 1, 2011 who have been unemployed for at least 8 weeks. The HIRE Act basically exempts employers from paying their shares of Social Security taxes on the wages they pay their new employees. What’s more, the bill also specifies that any employer who retains an employee hired under the HIRE Act for at least a year can receive up to $1,000 in a general business tax credit. This credit will be applied when employers file their 2011 income tax returns.
The Obama Administration created the bill to decrease unemployment and encourage job creation throughout the U.S. As of June, 2010, the HIRE Act has been responsible for approximately 5.6 million new employees that had been unemployed for 8 weeks or longer. That means that those employers will earn nearly $10.4 billion in tax credits from the HIRE Act.
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