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United States · Bill · HR

H.R. 3404 (95th)

A bill to amend the Internal Revenue Code of 1954, to allow a refundable tax credit equal to 50 percent of the wages paid to certain new employees.

referredUnited States· United States Congress· EN

Introduced

9 February 1977

Last action

9 February 1977 · Introduced

Status

Referred to House Committee on Ways and Means.

Sponsors

Rep. Derrick, Butler C. [D-SC-3], Sen. Abdnor, James [R-SD], Rep. Rose, Charlie [D-NC-7], Rep. Sisk, B. F. [D-CA-15], Sen. Mikulski, Barbara A. [D-MD], Rep. LeFante, Joseph A. [D-NJ-14], Rep. Flowers, Walter [D-AL-7], Rep. Spellman, Gladys Noon [D-MD-5], Rep. Panetta, Leon [D-CA-16], Sen. Quayle, Dan [R-IN], Rep. Hansen, George V. [R-ID-2], Rep. Rinaldo, Matthew J. [R-NJ-7], Rep. Yatron, Gus [D-PA-6], Rep. Moorhead, Carlos J. [R-CA-22], Rep. Young, C. W. Bill [R-FL-13], Rep. Ottinger, Richard L. [D-NY-20], Rep. Runnels, Harold L. [D-NM-2], Sen. Wirth, Timothy [D-CO], Rep. Tucker, James G., Jr. (Jim Guy) [D-AR-2], Sen. Pressler, Larry [R-SD], Rep. Oakar, Mary Rose [D-OH-20]

Subjects

Taxation

Source updated

1 August 2024

Taxation

Official sourceView documentsShare

Summary

Amends the Internal Revenue Code to allow employers a refundable income tax credit for 50 percent of the wages paid new employees during the taxable years for work done in the United States. Limits the credit taken to $80,000. Limits the number of employees for whom credit may be taken to ten new employees, or the maximum number of employees paid by the taxpayer during the calendar quarter ending the previous June 30th, whichever number is less. Directs the Secretary to submit reports to Congress, in 1978 and 1980 assessing the impact of this credit.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 9 February 1977

    Introduced

    Referred to House Committee on Ways and Means.

    Source: IntroReferral

  2. 9 February 1977

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 9 February 1977

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

Leesvertaling

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Sponsors

Related records

Sources

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