Jobs Bill and New Hire Credit Passed by House
The House of Representatives passed the legislation on March 4.
The jobs bill contains two major provisions. First, it would exempt businesses hiring the unemployed from the 6.2 percent Social Security payroll tax through December and give them an additional $1,000 credit if new workers stay on the job a full year. The Social Security trust fund would be reimbursed for the lost revenue.
Second, it would extend highway and mass transit programs through the end of the year and pump in $20 billion in time for the spring construction season. The money would make up for lower-than-expected gasoline tax revenues.
Despite doubts among many lawmakers that it will create many jobs, the House passed legislation giving companies that hire the jobless a temporary payroll tax break. The measure passed 217-201 on a mostly party-line vote. The bill also extends federal highway programs through the end of the year.
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Jobs Bill and New Hire Credit Passed by House
The jobs bill contains two major provisions. First, it would exempt businesses hiring the unemployed from the 6.2 percent Social Security payroll tax through December and give them an additional $1,000 credit if new workers stay on the job a full year. The Social Security trust fund would be reimbursed for the lost revenue.
Second, it would extend highway and mass transit programs through the end of the year and pump in $20 billion in time for the spring construction season. The money would make up for lower-than-expected gasoline tax revenues.
Despite doubts among many lawmakers that it will create many jobs, the House passed legislation giving companies that hire the jobless a temporary payroll tax break. The measure passed 217-201 on a mostly party-line vote. The bill also extends federal highway programs through the end of the year.