Legislation was just introduced in both chambers of Congress to extend the HIRE Act by six months. As it currently stands, this Act provides tax incentives for businesses hiring unemployed workers; including a 6.2% payroll tax incentive for employers who hire unemployed workers this year (after 2/3/10 and before 1/1/2011) and a $1,000 general business tax credit for each worker retained by the employer for at least one year.
Under the “HIRE Now Tax Cut Extension Act of 2010″ employers hiring qualified employees from 7/22/10 through 6/30/11 would be entitled to take advantage of the HIRE Act’s benefits for an additional six months. Please refer to the archived April 19, 2010 “Special Edition” of the RGL Pipeline available on our website: www.rglconsultants.com for more details regarding the HIRE Act and definition of qualified employees.