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Senate to Consider Employer Tax Credit

The Senate is expected to introduce an $82 billion jobs bill that would, among other things, contain a one-year tax credit for companies that hire...
February 2, 2010

The Senate is expected to introduce an $82 billion jobs bill that would, among other things, contain a one-year tax credit for companies that hire new employees. Under the plan proposed by Sen. Robert Casey (D-Penna.), companies with fewer than 100 employees would receive a 20 percent tax credit for new hires. Companies with more than 100 employees would receive a 15 percent tax credit for new employees. Casey told reporters he estimates the credit will cost roughly $20 billion. Most of the cost of the Senate jobs bill would be paid for out of unspent Troubled Asset Relief Program (TARP) funds. Also included in the jobs bill is a proposal to ease pension funding obligations for companies.