Congressman Allen West (FL-22) announces today bipartisan legislation that will put Americans back to work by helping our nation's most effective job creators, our small businesses.
HR 1663- The Small Business Encouragement Act- aims at amending the Internal Revenue Code to allow small businesses who hire an unemployed American, a work opportunity tax credit, saving employers up to $12,000 a year per hire in some areas of the country.
To qualify, small businesses must have gross receipts in the preceding taxable year not exceeding $20 million, or they must employ less than 100 full time employees.
The tax credit will double for employers hiring unemployed Americans in counties with an unemployment rate that is higher than the national average, which is currently just above 9 percent.
"In my Congressional District of Florida, unemployment is still hovering around 11 percent. This is unacceptable and the administration of President Barack Obama has offered very little solution for digging us out of this mess," West said. "The Small Business Encouragement Act is a simple, effective solution to putting people back to work by encouraging the very backbone of our economy, the small businesses."
Employers seeking the tax credit will be required to hire unemployed individuals for at least one year, full-time, with a start date during or after January, 2012. The credit will also extend for employers hiring unemployed Americans in 2013.
*Members of Congress who have already co-sponsored this legislation include:
Marsha Blackburn (TN-07)
Joe Walsh (IL-08)
Ron Paul (TX-14)
Laura Richardson (CA-37)
Scott Rigell (VA-02)
Ileana Ros-Lehtinen (FL-18)
Dennis Ross (FL-12)
C.W. Bill Young (FL-10)
Steve Stivers (OH-15)
Wm. Lacy Clay (MO-01)
Also supported by:
Business Coalition for Fair Competition
National Black Chamber of Commerce