The Hiring Incentives to Restore Employment Act (HIRE) is a plan to create jobs by providing a temporary tax break to companies that hire the unemployed. 

Current Status: President Obama signed the HIRE Act into law on March 18, 2010

HIRE will exempt an employer from paying the employer portion of Social Security taxes for the remainder of the year on new hires who are currently unemployed.  If those employees stay ont he payroll for at least a year, the employer would also get up to a $1,000 business credit per employee.  As a result, an employer can save up to $6,622 in employer Social Security Tax for each qualified hire.  There is no limit to the total amount of tax benefits or hires during this period, so employers will receive greater tax benefits by hiring individuals earlier in the year.  Please note, the Social Security tax exemption can NOT be taken in conjunction with the Work Opportunity Tax Credit, they must choose one or the other..

The business credit will be the lesser of $1,000 or 6.2% of the wages paid by the employer to the retained worker during the 52 week consecutive week retention period.

As I receive more information I will post it on this blog.

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