The Federal Hire Act (Hiring Incentives to Restore Employment) was signed into law by President Obama on 3/18/10, the purpose of which is to stimulate the hiring of new personnel. The act provides incentives to employers in two ways:
- 6.2% Social Security Exemption on New Hires
- New Hire Retention Credit
For more information and a list of frequently asked questions about the HIRE Act affects your business, you can download the following PDF file.