A bill to amend the Internal Revenue Code of 1954 to extend the targeted jobs credit for 3 years, to increase the amount of wages per year taken into account, to eliminate the requirement that an employee who is a Vietnam-era veteran be economically disadvantaged, and to raise the maximum age of a Vietnam-era veteran for whom an employer may qualify for such a credit.

Amends the Internal Revenue Code to extend until December 31, 1984, the authority for the income tax credit for the employment of new employees (targeted jobs credit). Increases from $6,000 to $10,000 the amount of wages paid with respect to new employees which may be taken into account in computing the targeted jobs credit. Eliminates the requirement that new employees who are Vietnam-era veterans be economically disadvantaged for employers to qualify for the targeted jobs credit. Raises from 35 to 40 the maximum age of Vietnam-era veterans whom employers may qualify for the targeted jobs credit.