Vote Smart's Synopsis:

Vote to pass a bill that authorizes income tax credits to employers who hire new employees, effective immediately.

Highlights:

• Establishes an income tax credit to employers for each new employee hired, if the number of employees exceeds the average number employed over the previous 3-year period (Sec. 3)

• Specifies that the credit allowed shall be 4 percent of the annual salary of each new employee and $1,000 for each new employee that is an eligible veteran (Sec. 3).

• Defines “new employee” as an individual who was hired on or after January 1, 2013, and is covered by unemployment insurance during the taxable year for which the credit is claimed (Sec. 3).

• Prohibits tax credits for any new employees that are (Sec. 3):
• Employed as a result of the employer acquiring a trade or business;
• Employed by a related employer within a 12 month period prior to the date of hire;
• Employed for less than 9 consecutive months; or
• Employed for less than 20 hours per week.

Full Bill Text