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.

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.

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Documents

1 official file

• Introduced in Senate

  summary · EN · 11 February 1977

  Open at official source

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