Senate Passes HR 2847: “Hiring Incentives to Restore Employment Act”

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Tue, 03/02/2010 - 13:53 | by Lisa Clark

By a vote of 70 to 28 , the Senate passed H.R. 2847, new legislation carrying the Hiring Incentives to Restore Employment Act (the Senate jobs bill).

The Senate jobs bill includes a payroll tax break and a tax credit for new hires. Specifically, for wages paid after the enactment date and before 2011, employers would not have to pay the employer-portion of OASD for new hires who have been unemployed for at least 60 days, and who are hired after Feb. 3, 2010 and before Jan. 1, 2011. Additionally, for tax years ending after the enactment date, the bill creates a $1,000 business credit for unemployed individuals hired after Feb. 3, 2010 and before Jan. 1, 2011, who (a) work for the employer for a period of not less than 52 consecutive weeks, and (b) whose wagesduring the last 26 weeks of such period equal at least 80% of the wages for the first 26 weeks of the period.

The bill also would:

Extend to 2010 the enhanced 2008 and 2009 section 179 expensing thresholds so that taxpayers could elect to write-off up to $250,000 of certain capital expenditures (subject to phase-outs).
Permit qualifying issuers of tax credit bonds the option of issuing tax credit bonds under current law, or utilizing the direct subsidy Build America Bond structure for bonds issued after the date of enactment. The federal subsidy would equal 45% of the borrowing cost (65% for qualifying small issuers).
Extend highway and transit programs through calendar year 2010, and transfer from the General Fund to the Highway Trust Fund $19.5 billion in interest foregone since '98.
Enact a comprehensive set of measures to reduce offshore noncompliance. IRS would be given new administrative tools to detect, deter and discourage offshore tax abuses.