Employment Tax Credit Economic Stabilization Act

Employment Tax Credit Economic Stabilization Act - Amends the Internal Revenue Code to provide that if the unemployment rate is five percent or more for three consecutive months, an employer is allowed a tax credit equal to five percent of the product of (1) the annual average personal gross earnings (private, nonagricultural) as determined by the Department of Labor, and (2) the increase in the number of full-time employees over the preceeding year. Reduces, for purposes of computation, the number of full-time employees of the taxpayer, should the unemployment rate rise above six percent.