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United States · Bill · S

S. 731 (95th)

A bill to amend the Internal Revenue Code of 1954 to provide a tax credit based upon the creation of new jobs and increased employment in private industry.

referredUnited States· United States Congress· EN

Introduced

11 February 1977

Last action

11 February 1977 · Introduced

Status

Referred to Senate Committee on Finance.

Sponsors

Sen. Baker, Howard H., Jr. [R-TN], Sen. Dole, Robert J. [R-KS], Sen. Javits, Jacob K. [R-NY], Sen. Domenici, Pete V. [R-NM], Sen. Percy, Charles H. [R-IL], Sen. Bellmon, Henry L. [R-OK], Sen. Chafee, John H. [R-RI], Sen. Curtis, Carl T. [R-NE], Sen. Danforth, John C. [R-MO], Sen. Griffin, Robert P. [R-MI], Sen. Hayakawa, Samuel Ichiye [R-CA], Sen. Heinz, John [R-PA], Sen. Hatch, Orrin G. [R-UT], Sen. Lugar, Richard G. [R-IN], Sen. McClure, James A. [R-ID], Sen. Schmitt, Harrison H. [R-NM], Sen. Schweiker, Richard S. [R-PA], Sen. Young, Milton R. [R-ND], Sen. Wallop, Malcolm [R-WY]

Subjects

Taxation

Source updated

1 August 2024

Taxation

Official sourceView documentsShare

Summary

Amends the Internal Revenue Code to allow employers a nonrefundable income tax credit for the hiring of new employees. Sets the amount of the credit at: (1) $1 multiplied by the number of new employee hours of employment for the first 26 weeks of employment; and (2) 50 cents multiplied by the number of new employee hours of employment for the second 26 weeks of employment. Stipulates that new employees must have been unemployed for more than 26 weeks and not displace or replace a current employee. Directs the Secretaries of Labor and Commerce to publicize the availability of this credit in connection with employment programs for which they are responsible.

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

Timeline

  1. 11 February 1977

    Introduced

    Referred to Senate Committee on Finance.

    Source: IntroReferral

  2. 11 February 1977

    Introduced

    Introduced in Senate

    Source: IntroReferral

Votes

No vote records are attached yet.

Versions

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Documents

1 official file

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Sponsors

Related records

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Sources

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