A bill to amend the Internal Revenue Code of 1954 to provide a tax credit to employers for wages paid to youths 21 years of age or under or to persons unemployed for 15 weeks or more who have been hired to increase the work force of the employer.
New Jobs Tax Credit Act - Amends the Internal Revenue Code to allow income tax credit for 20 percent of the wages paid to employees during their first twelve months of employment, where the employee was hired before attaining 22 years of age; or after being unemployed for at least 15 weeks and where his employment represents an increase in the average number of the employer's workforce for the previous calendar year. Limits this credit to employees hired before 1979, and to $2,000 in the case of each employee.
Introduced in Senate
Referred to Senate Committee on Finance.
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