To amend the Internal Revenue Code of 1986 to provide an exemption for employer payroll taxes during 2010 for wages with respect to the employment of new hires and to provide a credit for retaining employees.

Summary

Amends the Internal Revenue Code to: (1) exempt for-profit and nonprofit employers, including public institutions of higher education, from social security taxes in 2010 for new employees who are hired after February 3, 2010, and before January 1, 2011, and who certify that they have not worked more than 40 hours during the last 60 days; and (2) allow an increase in the general business tax credit for the retention of such employees for at least one year at specified wage levels. Prohibits any carryback of unused business tax credit amounts. Appropriates to the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund under title II of the Social Security Act amounts necessary to cover any reduction in revenues resulting from the tax exemptions provided by this Act.

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Timeline

1. 4 March 2010

   Introduced

   Referred to the House Committee on Ways and Means.

   Source: IntroReferral

2. 4 March 2010

   Introduced

   Introduced in House

   Source: IntroReferral

3. 4 March 2010

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in House · 4 March 2010 · Download file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 4 March 2010

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 4 March 2010

  ViewDownloadOpen at official source

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• Introduced in House

  summary · EN · 4 March 2010

  Open at official source

  Leesvertaling

  Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.

  Vertaal naarNL · DutchDE · GermanFR · FrenchES · SpanishIT · ItalianPL · PolishPT · PortugueseSV · SwedishDA · DanishFI · FinnishEL · GreekCS · CzechHU · HungarianRO · RomanianBG · BulgarianHR · CroatianSK · SlovakSL · SlovenianLT · LithuanianLV · LatvianET · EstonianGA · IrishMT · Maltese

  Vertaal document

  Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Sponsors

• Rep. Owens, William L. [D-NY-23] · D · Sponsor
• · hswm00 · Standing

Related records

• related to → Back to Work Act of 2010
• related to ← Back to Work Extension Act
• related to ← Hire Now Tax Cut Act of 2010