The U.S. Senate recently voted 62-30 vote to end debate on legislation that would give employers a payroll tax exemption for hiring new employees in 2010. The vote to end debate clears the way for a final vote on the legislation.
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The Hiring Incentives to Restore Employment (HIRE) Act would offer an exemption from payroll taxes for each worker hired in 2010. The hired employee must have been unemployed for at least 60 days for employers to qualify for the tax credit. If an employer retains the new employee for at least 52 weeks, the employer would be eligible for $1,000 business tax credit for 2011.
The legislation also includes a provision that allows small businesses to write off more of their expenditures.