Tax Notes Article: Senate Approves Jobs Bill

The Senate has approved the Hiring Incentives to Restore Employment (HIRE) Act, which is composed of $15.billion in tax incentives that are intended to encourage employment.  The House of Representative's passage of the HIRE Act seems improbable.  The act includes a "$5,000 payroll tax credit for companies that hire long-term unemployed workers; a one-year extension of elevated Section 179 expensing limits; an expansion of Build America Bonds; and an extension through 2010 of current surface transportation policy, coupled with a provision transferring $19.5 billion in back interest to the Highway Trust Fund."

See Chuck O'Toole, "Senate Passes Stripped-Down Jobs Bill," 2010 TNT 37-2, February 25, 2010.

Posted by Neil I. Rumbak, Associate Editor, Wealth Strategies Journal.