With a vote expected as soon as today, U.S. Senator Bob Casey (D-PA) today revealed the impact that the Small Business Jobs and Tax Relief Act would have on small businesses and their ability to create jobs in Pennsylvania.
"The legislation I have been fighting for since 2010 would give Pennsylvania's small businesses a 10 percent tax credit for hiring or increasing wages and provide an immediate boost to the economy," Senator Casey said. "This week Congress will have an opportunity to help small businesses create jobs, and I'm hopeful we can come together in a bipartisan manner to move this bill forward."
As Chairman of the Joint Economic Committee (JEC), Senator Casey today released a new JEC report that underscores the impact of providing incentives for small business owners to add workers. Small businesses account for a substantial majority of business establishments and are responsible for a significant share of the hiring during the recovery.
The Small Business Jobs and Tax Relief Act would give small businesses a 10 percent income tax credit on new payroll for hiring new workers or increasing employee wages. There are nearly 250,000 small businesses in Pennsylvania.
According to the Congressional Budget Office (CBO), a tax credit based on increased payroll would create the most jobs and have the greatest positive impact on America's gross domestic product (GDP) when compared to other job creation policies currently under debate.
The credit will be available for one year beginning with the 1st full quarter following enactment.
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