As small businesses across Indiana struggle in the tough economy, Rep. Brad Ellsworth introduced the Jobs Momentum Act to give assistance to employers looking to hire new workers.
"Small businesses are the key to getting our economy moving again. We must create an environment that encourages them to grow and put people back to work," said Ellsworth. "This legislation does just that. Any small business that hires a new employee will receive a 10% tax break on their payroll tax -- that's good for small businesses, good for workers and good for Hoosiers."
H.R. 4680, The Jobs Momentum Act, would create a non-refundable, payroll tax credit to spur job creation. That means if an employer increases payroll, they would get a 10% tax credit on all new payroll taxes. This reduces the cost of hiring a new employee; ensuring small businesses have more liquidity to meet their everyday needs.