Unemployment Reduction and Retraining Act

Unemployment Reduction and Retraining Act - Amends the Internal Revenue Code to provide a refundable income tax credit to employers for the employment of new employees who have been unemployed. Sets forth the method of calculating such credit. Limits the amount of such credit to the lesser of: (1) $100,000; or (2) 50 percent of the first year unemployment insurance wages paid by an employer during the calendar year. Sets forth definitions and special rules.