The House just passed the Senate’s $15 billion jobs bill meant to encourage you to seek out the unemployed.
Because the House added “pay as you go” budgetary provisions, it now goes back to the Senate for approval. But one of the main provisions made it through the House unscathed.
A payroll tax holiday
The bill would give employers that hire new workers a break from paying the 6.2% Social Security tax on new hires’ wages for 2010.
But there is one catch — to get the tax break, anyone hired must have been unemployed for 60 days or more. Plus, the new hire can’t be related to the business owner and must replace someone who leaves voluntarily or is terminated for cause.
The bill would also provide a $1,000 income tax credit in 2011 for every new employee who stays on the payroll for a least a year.
In a vote that look place largely along party lines, the bill passed by a narrow tally of 217-201. The Senate is expected to take it up again this week.
We’ll keep you posted.
