A bill to amend the Internal Revenue Code of 1954 to provide a tax credit for wages paid in new jobs.

Provides an income tax credit of up to $20,000 to an employer for one-half of the amount of wages paid to not more than two new employees during the taxable year ending December 31, 1976. Establishes regulations concerning the apportionment of such credit for married individuals, controlled groups of corporations, small businesses, estates and trusts.

Provides for the recapture by the Secretary of the Treasury of credits allowed in the case of new employees whose employment is terminated within the first 12 months.