Nonprofits Included in White House Jobs Plan
February 15th, 2010
The White House recently released details of President Obama’s $33 billion job-creation proposal. Designed to spur hiring by small employers, the proposal specifically includes non-profits.
The President’s plan would, of course, require Congressional approval, and the details easily could change as Congress crafts legislation in the weeks ahead. According the official White House Fact Sheet, however, the current plan provides that:
· Employers (including non-profits) would get a one-time $5,000 tax credit for every new employee they hire in 2010.
· Employers (including non-profits) that increase the hours or wages of employees making less than $106,800 could also be reimbursed for the additional Social Security taxes incurred.
· The maximum benefit for any one employer would be capped at $500,000.
For more information, the official White House fact sheet can be found here: http://www.whitehouse.gov/sites/default/files/FACT_SHEET_Small_Business%20_jobs_and_Wages_Tax_Cut.pdf
Posted by CNP Staff
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