The Hiring Incentives to Restore Employment (HIRE)Act could provide bottom line relief to employers who hire out-of-work job seekers.
This is a general business credit to encourage retention of new hires. Any employer may claim the credit for each employee who is a qualified employee for purposes of the payroll tax exemption and who remains an employee for 52 consecutive weeks, provided that the employee’s pay does not decrease significantly in the second half of the year. The amount of the credit is the lesser of $1,000 or 6.2 percent of wages (as defined for income tax withholding purposes) paid by the employer to the retained qualified employee during the 52-consecutive-week period. The credit cannot be carried back but may be carried forward into 2011.
The uniqueness of this Act is that it encourages all hiring, from entry level to executives. In fact, early studies indicate nearly 50% of applicants would qualify for the credit. The money is available. You simply have to apply for it.