PUBLISHED ON: June 18, 2010
This article originally appeared in Anderson Kill Employment Law Insider Alert (Spring 2010).
Employers should be aware of recently enacted significant tax breaks designed to promote job growth as the nation's economy continues to recover from the recession. In an effort to reduce unemployment and further stimulate the economy, the Hiring Incentives to Restore Employment (HIRE) Act was signed into law by President Obama on March 18, 2010. The HIRE Act provides employers with a Social Security payroll tax exemption for employees hired between February 3, 2010, and January 1, 2011, provides business tax credits for retaining the workers and contains additional provisions designed to stimulate the economy.