Q. How can the Hiring Incentives to Restore Employment (HIRE) Act help us add staff?
A. In March 2010, President Obama signed the HIRE Act into law. The act provides incentives in the form of a tax credit for employers to hire new workers who have been unemployed for 60 days or longer.
Employers are eligible to receive an exemption from their 6.2% Social Security payroll tax for 2010 and a tax credit of up to $1,000 for each new worker who is retained for a year.
In August, the U.S. Department of the Treasury estimated that the HIRE Act has provided approximately $10.4 billion in tax breaks for U.S. employers this year.