Did You Know? New Tax Exemption for Small Business Hiring
In the flurry of new legislation lately, one big driver for small business may have gotten overlooked: the HIRE Act. The Act was signed into law last week, and includes $17.5 billion in tax cuts for small businesses. Some other points include:
1) A $1,000 tax incentive if new employees continue working for at least a year and offers an exemption of the 6.2% Social Security Tax until December 2010 if a business hires workers who have not been working for 60 or more days
2) The Act permits small businesses to write off investments in equipment this year
3) Municipal bonds will be reformed to expand investment in schools and clean energy
4) Roadway infrastructure investment will continue well into the spring and summer when (hopefully) construction jobs pick up
Here are some great resources to learn more:
