Employers Missing Out On New-Hire Tax Credit

Seven months ago, House Speaker Nancy Pelosi hailed a new tax credit aimed at spurring businesses and nonprofits to hire unemployed people. The credit would restore the public’s confidence in the government’s ability to get the economy back on track, she said.

Congress enacted the HIRE (Hiring Incentives to Restore Employment) Act, which allows employers to skip paying their 6.2 percent match into Social Security from the time an eligible worker is hired until the end of this year. If that new employee stays a year, the employer gets another $1,000.

The problem is, most employers don’t seem to know about the benefit. And even if the credit were to meet its early expectations, inspiring businesses to hire 250,000 people into jobs that wouldn’t otherwise exist, that’s just too small to be noticed in a nation with nearly 15 million unemployed people.

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According to this report employers are not taking advantage of the HIRE Act. Are you? Call Brian Kelly at 800-517-9099 if you have any questions about this business tax credit.