If you’re willing to expand your payroll, the government would like to give you a little “thank you.” No, it’s not a beautiful bouquet of fresh flowers. It comes in the form of two new tax benefits made available to employers who hire previously unemployed workers.
The Hiring Incentives to Restore Employment (HIRE) Act was passed into law on March 18, 2010. The two tax benefits are:
- If you hire unemployed workers this year (Feb. 3, 2010 through January 1, 2011), you may qualify for a 6.2 percent payroll tax incentive.
- For each new employee retained for at least a year, you may claim an additional general business tax credit (up to $1,000 per employee, when they file their 2011 income tax returns).
For an in-depth look at this new law, read “Newly Signed ‘Jobs Bill’ Provides Tax Breaks to Companies that Hire Unemployed Workers” by our partners at Ogletree Deakins LLP. To read the artice, click here.