Hiring Incentives to Restore Employment Act

Hiring Incentives to Restore Employment Act

Long title	The Hiring Incentives to Restore Employment Act of 2010
Acronyms (colloquial)	HIRE
Enacted by	the 111th United States Congress
Effective	Generally March 18, 2010
Citations
Public law	111-147
Statutes at Large	124 Stat. 71-118
Codification
Titles amended	16, 23, 26, 49
U.S.C. sections created	26 USC §§ 1471-1474, 26 USC § 6038D
U.S.C. sections amended	16 USC § 777; 23 USC §§ 101, 403, 410, 2001; 26 USC §§ 38, 51, 54F, 163, 179, 643, 679, 864, 871, 1291, 1298, 3111, 4701, 6011, 6431, 6501, 6655, 6662, 6677, 9503; 49 USC §§ 5305, 5307, 5309, 5311, 5337, 5338, 8003, 31100, 31104, 31144, 31301, 31309
Legislative history
Introduced in the House as Commerce-Justice-Science Appropriations Act, 2010 (H.R. 2847) by Alan Mollohan (D–WV-1) on June 12, 2009 Committee consideration by House Appropriations Passed the House on June 18, 2009 (259-157) Passed the Senate as the Hiring Incentives to Restore Employment Act on February 24, 2010 (70-28) with amendment House agreed to Senate amendment on March 4, 2010 (217-201) with further amendment Senate agreed to House amendment on March 17, 2010 (68-29) Signed into law by President Barack Obama on March 18, 2010

The Hiring Incentives to Restore Employment (HIRE) Act of 2010 (Pub.L. 111–147, 124 Stat. 71, enacted March 18, 2010, H.R. 2847) is a law in the 111th United States Congress to provide payroll tax breaks and incentives for businesses to hire unemployed workers. Often characterized as a "jobs bill", certain Democrats in Congress state that it is only one piece of a broader job creation legislative agenda, along with the Travel Promotion Act and other bills.

Employers are eligible for a payroll tax credit when the employer hires certain new employees after February 3, 2010, and before January 1, 2011. In order to take the payroll tax credit, the employee must have either been unemployed for at least 60 days prior to hire or worked fewer than 40 hours for another employer during the previous 60 days. Employers do not pay the employer portion of social security tax, which is 6.2 percent, on wages paid to eligible new hires. In addition, employers receive a general business income tax break if the employer continues to employ the new hire for at least 52 weeks. The tax break is the lesser of $1,000 or 6.2 percent of wages paid to the new employee during the 52-week period. Household employers are ineligible for both tax benefits, as are new employees who are related to the employer. Also ineligible are employees who earn more than $106,000 per year and employees who displace a current employee, unless the first employee resigned or was terminated for cause. Employers may claim the credit after an eligible employee signs a statement affirming their previous unemployed status, such as Form W-11.

The Act also extends the $250,000 deduction limit under Internal Revenue Code section 179 through 2010, authorizes $20 billion for highway and transit projects, and makes reforms to municipal bonds.

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