Hiring Incentives to Restore Employment Act (HIRE)
The Hiring Incentives to Restore Employment (HIRE) Act, which was sponsored by Rep. Alan Mollohan, was signed into law by President Obama March 18, 2010 after passing the House in June, 2009. The HIRE Act will create hundreds of thousands of new small business and construction jobs this year, spur private sector hiring, and help rebuild our crumbling infrastructure.
The HIRE Act includes a payroll tax holiday for businesses that hire unemployed workers, to create some 300,000 jobs, and an income tax credit of $1,000 for businesses that retain these employees. It also includes tax cuts to help small businesses invest, expand, and hire more workers, provisions to make it easier for states to take up infrastructure projects such as school construction and energy renovations, and an extension of the Highway Trust Fund that allows for infrastructure development around the country and saves American jobs.