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On March 17, 2010, the U.S. Senate passed "The Jobs
for Main Street Act, 2010" ("Act"), clearing the way for the Act
to be signed into law shortly by President Obama. Of particular
importance, the Act amends the Internal Revenue Code to exempt private
employers from social security taxes for 2010 for new employees
who are hired after February 3, 2010 and before January 2, 2011
and who certify - by signed affidavit under penalty of perjury -
that they have not worked more than 40 hours during the previous
60 days. In order for an individual to qualify as such a new employee,
the employer cannot hire them to replace another employee, except
where that employee's separation from employment with that employer
was voluntary or for cause.
Among other things, the Act also amends the Internal
Revenue Code to provide employers with increased general business
tax credits to the extent that they retain such employees for at
least one year and at required wage rates.
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