Overview of Law

Provides payroll tax exemptions and business tax credits for businesses that hire certain unemployed workers.

Hire Act Benefits & Positives

DatePositive Result\BenefitRank
03/18/10Offsets costs through a 30 percent withholding tax on income from certain U.S. financial assets held by foreign banks who have not agreed to disclosures.
03/18/10Encourages job creation by expanding investments in schools and clean energy projects
03/18/10$20 billion to the highway trust fund for spending on highway and transit programs.
03/18/10 $17.5 billion in tax cuts, business credits and subsidies for state and local construction bonds to stimulate business investment and hiring
03/18/10Tax credits to employers who keep new hires for 52 weeks to encourage retention of new hires
03/18/10Social Security payroll tax credits in 2010 for employers that hired people who have been unemployed for 60+ days