Obama Signs HIRE Act into Law

President Obama at his deskOn Thursday, President Obama signed into law the Hiring Incentives to Restore Employment (HIRE) Act (H.R. 2847), the scaled-down jobs bill that provides employers with various tax breaks for hiring and retaining previously unemployed workers. The Senate approved this measure on Wednesday by an overwhelming 68-29 margin. In addition to exempting employers from paying 2010 Social Security taxes on wages up to $106,800 on each new employee who has been out of work for at least 60 days, the HIRE Act provides employers with a $1,000 income tax credit for every new employee retained for at least a year, and allows small businesses to deduct up to $250,000 for certain capital expenditures in the year purchased.

For more information on this new law, see Littler's ASAP:  HIRE Act Signed Into Law — What it Means to Employers by GJ Stillson MacDonnell.
 

Information contained in this publication is intended for informational purposes only and does not constitute legal advice or opinion, nor is it a substitute for the professional judgment of an attorney.