Jobs Credit Extension Act

Jobs Credit Extension Act - Amends the Internal Revenue Code to extend the existing tax credit for the employment of new employees through December 31, 1980.

Revises the credit to permit a taxpayer election to offset against tax liability 35 percent of the excess of unemployment wages paid during a calendar year over the amount of such wages paid during the previous year. Eliminates the requirements that the credit not exceed 50 percent of the increase in unemployment wages during a calendar year over 105 percent of the wages paid in the previous year and that the credit apply to unemployment wages paid during the calendar year which exced 102 percent of the wages paid in the preceding year. Limits the amount of the tax credit to $25,000.

Allows an additional ten percent credit for the employment of physically or mentally handicapped individuals.

Extends eligibility for the credit to the maritime industry.