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New Congressional Inquiries On Hydraulic Fracturing
Congress Likely To Pass Business Incentive Provisions
Equipment purchase and hiring incentives are included in the HIRE (Hiring Incentives to Restore Employment) Act which should pass Congress in March. The HIRE Act would allow employers to forego paying their 6.25 percent share of federal payroll taxes for the rest of 2010 for any new workers they hire, as long as the new hires had been unemployed for at least 60 days. If that employee is still on the books in a year, the business owner would receive an additional $1,000 tax credit. Another provision would extend 2008 and 2009 section 179 expensing thresholds so that taxpayers may elect to write-off up to $250,000 of certain capital expenditures (subject to a phase-out once expenditures exceed $800,000) in 2010 in lieu of depreciating those costs over time.