Full Story at Companies hire jobless and can get $8.5B in tax credits – Jul. 12, 2010
NEW YORK (CNNMoney.com) — Businesses have hired an estimated 4.5 million Americans who have been jobless for at least eight weeks, making these firms eligible for approximately $8.5 billion in tax credits, according to a Treasury report released Monday.The tax credits are part of the $13 billion Hiring Incentives to Restore Employment (HIRE) Act, which Congress passed in March.
Under the act, employers who hire workers who have been jobless for at least 60 days are exempt from the 6.2% payroll tax charged per worker — for the rest year. In addition, companies can claim a tax credit of up to $1,000 for each employee who stays at least a year.