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Hiring Incentives to Restore Employment Act
2010-05-05
With all of the press coverage of the healthcare reform legislation, the HIRE bill passed into law almost unnoticed. The Hiring Incentives to Restore Employment (HIRE) Act has the potential to benefit every U.S. business, from a one-person consulting firm to a Fortune 500 multinational corporation. Benefits are available even to employers who pay no income tax, such as tax-exempt entities and taxable entities operating at a loss.
To take advantage of this new legislation, you are going to have to act fast. Like the end of a Final Four basketball game, you must take your shot before the buzzer. The tax incentives in the HIRE Act expire at the end of the year. President Obama signed the HIRE Act on March 18, 2010. The new law directs $18 billion in tax credits toward employers who hire unemployed workers during 2010. The law also extends enhanced deductions to companies that expand by adding machinery and equipment or replace existing business assets, other than buildings, during 2010.
The centerpiece of the HIRE Act is a tax credit for employers to offset all or a portion of the Social Security tax by hiring new employees who have been unemployed for at least 60 days.
Click the link below to read the entire article in PDF form.
Download File: HIRE_Act_4.10.pdf |
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