Congress passes jobs bill giving tax break for hiring

By at 17 March, 2010, 12:39 pm

Companies in Florida and elsewhere will get a tax break for hiring unemployed workers under a bill headed for President Obama to be signed into law. The bill cleared the Senate on a 68-to-29 vote on Wednesday. Florida business groups have mixed feelings about the bill. Some say it will entice companies to add workers. Others note that many Florida companies are struggling to survive and cannot begin hiring despite a tax incentive. The new law may at least encourage some hiring along the margins, adding momentum to the sluggish economic recovery. Florida, with an unemployment rate of

11.9 percent, needs all the help it can get. This bill is one of several designed to help create jobs or aid the unemployed. The bill that passed on Wednesday provides about $18 billion in tax breaks and $20 billion for highway and transit programs. It exempts businesses that hire the unemployed from paying the usual 6.2 percent Social Security payroll tax through December. Employers also will get a $1,000 credit for each new worker that remains employed a year from now.

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Congress passes jobs bill giving tax break for hiring

Categories : Florida




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