ComplianceOnline

Hiring Incentives to Restore Employment Act (HIRE Act)

  • Date: January 05, 2011
  • Source: http://frwebgate.access.gpo.gov/
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Under the Hiring Incentives to Restore Employment (HIRE) Act, two new tax benefits are available to employers who hire certain previously unemployed workers (“qualified employees”).  The first, the payroll tax exemption, provides employers with an exemption from the employer’s 6.2 percent share of social security tax on wages paid to qualifying employees, effective for wages paid from March 19, 2010 through December 31, 2010.

The second provision is for an up to $1000 tax credit for retaining those newly hired employees for over a year, provided their second 6 month period wages are at least 80% of the first 6 months.

Effective Date: March 18, 2010

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