A bill to amend the Internal Revenue Code of 1954 to provide a tax credit for wages paid to certain new employees during periods of high unemployment.

Summary

Allows a tax credit under the Internal Revenue Code in an amount equal to the sum of ten percent of the wages paid by the taxpayer to each eligible employee during each month for which the rate of unemployment is equal to or greater than six percent but less than six and one-half percent, plus an additional ten percent of the wages paid to each eligible employee during each month for each one-half of one percent for which the rate of unemployment is in excess of six and one-half percent. Limits the credit to no more than the amount of liability for tax. Allows a credit carryback, if the amount of the credit exceeds such limitation, to each of the three taxable years preceding the unused credit year. Allows a credit carryover to each of the seven taxable years following the unused credit year. Defines the terms used in this Act.

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Timeline

1. 1 April 1976

   Introduced

   Referred to Senate Committee on Finance.

   Source: IntroReferral

2. 1 April 1976

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

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Versions

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Documents

1 official file

• Introduced in Senate

  summary · EN · 1 April 1976

  Open at official source

Sponsors

• Sen. Dole, Robert J. [R-KS] · R · Sponsor
• · ssfi00 · Standing

Related records

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