Employment Law Updates | New Proposed Legislation
February 22, 2010
New Bill Outlines Job Creation Tax Credit
Small Business Job Creation Tax Act of 2010
S. 2973, 2/1/2010
U.S. Senator Bob Casey (D-PA), together with Senators Kirsten Gillibrand (D-NY), Carl Levin (D-MI) and Mark Begich (D-AK), has introduced legislation to create a job creation tax credit.
Senator Casey’s proposal builds upon the jobs tax credit enacted in 1977 and was responsible for the creation of 700,000 jobs. Employers who increase their payroll by hiring new employees will be eligible to receive a tax credit. According to a report released by the Congressional Budget Office (CBO) last month: “Providing tax credits for increases in payrolls would increase both output and employment.”
“Over the last couple years the U.S. economy has…
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View a PDF of the proposed legislation
