H.R. 2847: Hiring Incentives to Restore Employment Act

CBO Score

$27.11 billion

Date of Report

Thu March 4th, 2010

CBO Report Details

Legislation Details

111th Congress

Hiring Incentives to Restore Employment Act

Sponsor: Rep. Alan Mollohan — D — WV

Amends the Internal Revenue Code to: (1) exempt for-profit and nonprofit employers, including public institutions of higher education, from social security and railroad retirement taxes in 2010 (except for the first calendar quarter of such year) for new employees who are hired after February 3, 2010, and before January 1, 2011, and who certify that they have not worked more than 40 hours during the last 60 days; and (2) allow an increase in the general business tax credit for the retention of such employees for at least one year at specified wage levels. Prohibits any carryback of unused business tax credit amounts. Appropriates to the Federal Old-Age and Survivors Insurance Trust Fund and the Federal Disability Insurance Trust Fund under title II of the Social Security Act amounts necessary to cover any reduction in revenues resulting from the tax exemptions provided by this Act. Requires the Secretary of the Treasury to pay to U.S. possessions, including the Commonwealths of Puerto Rico and the Northern Mariana Islands, an amount equal to the loss to such possessions resulting from this tax exemption. Title II: Expensing - (Sec. 201) Increases to $250,000 the expensing allowance for depreciable business assets. Title III: Qualified Tax Credit Bonds - (Sec. 301) Allows a refundable tax credit to issuers of specified tax credit bonds. Defines "specified tax credit bond" as a new clean renewable energy bond, a qualified energy conservation bond, a qualified zone academy bond, or a qualified school construction bond. Title IV: Extension of Current Surface Transportation Program - Surface Transportation Extension Act of 2010 - Subtitle A: Federal-Aid Highways - (Sec. 411) Continues in effect until December 31, 2010, the requirements, authorities, conditions, eligibilities, limitations, and other provisions authorized by specified federal transportation law. Authorizes appropriations out of the Highway Trust Fund (HTF) (other than the Mass Transit Account) for FY2010 and the period of October 1 - December 31, 2010 (first quarter of FY2011), for the federal-aid highway, surface transportation research, and transportation planning programs under the Safe, Accountable, Flexible, Efficient Transportation Equity Act: A Legacy for Users (SAFETEA-LU), with a limit on obligational authority for the programs equal to the total authorized for such programs for FY2009 (although only one-quarter of such total for the first quarter of FY2011).

View the full vote history of this bill on GovTrack.us.

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