Employment Law Updates | New Proposed Legislation
March 24, 2010
H.R. 4680 Would Cut Payroll Taxes for Employers That Expand Hiring
Jobs Momentum Act of 2010
H.R.4680 , 2/24/2010
Rep. Brad Ellsworth introduced the Jobs Momentum Act to give assistance to employers looking to hire new workers.
H.R. 4680, The Jobs Momentum Act, would create a non-refundable, payroll tax credit to spur job creation. That means if an employer increases payroll, they would get a 10% tax credit on all new payroll taxes. This reduces the cost of hiring a new employee; ensuring small businesses have more liquidity to meet their everyday needs.
“Small businesses are the key to getting our economy moving again. We must create an environment that encourages them to grow and put people back to work,” said Ellsworth. “This legislation does just that. Any small business that hires a new employee will receive a 10% tax break on their payroll tax – that’s good for small businesses, good for workers and good for Hoosiers.”
The bill bears the official title, “To reduce the employer portion of payroll taxes in the case of employers who expand payroll in 2010 and 2011,” and was introduced on February 24, 2010. The House has referred the bill to the Committee on Ways and Means for study and deliberation.
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