Summary

H.R. 1663: To amend the Internal Revenue Code of 1986 to temporarily provide the work opportunity tax credit for small businesses hiring unemployed individuals. Read More

Status

This bill was introduced on Apr 15, 2011, in a previous session of Congress, but was not passed.

Bill Text

A BILL

To amend the Internal Revenue Code of 1986 to temporarily provide the work opportunity tax credit for small businesses hiring unemployed individuals.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. WORK OPPORTUNITY TAX CREDIT FOR SMALL BUSINESSES HIRING UNEMPLOYED INDIVIDUALS.

(a) In General.--Section 51 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: ``(l) Temporary Credit for Unemployed Individuals Hired by Small Businesses.-- ``(1) In general.--In the case of an employer which is a specified small business-- ``(A) any specified unemployed individual shall be treated as a member of a targeted group for purposes of this section, and ``(B) in the case of a high unemployment zone individual, subsection (b)(3) shall be applied by substituting `$12,000' for `$6,000'. ``(2) Specified small business.--For purposes of this subsection, the term `specified small business' means, with respect to any taxable year, any employer-- ``(A) whose gross receipts for the preceding taxable year did not exceed $20,000,000, or ``(B) who is an eligible employer (as defined in section 408(p)(2)(C)(i)(I)) for such taxable year. ``(3) Specified unemployed individual.--For purposes of this subsection, the term `specified unemployed individual' means any individual who is certified by the designated local agency as being in receipt of unemployment compensation under State or Federal law for not less than 4 weeks during the 1- year period ending on the hiring date. ``(4) High unemployment zone individual.--For...

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Bill Summary

H.R. 1662 Bank Accessibility Act H.R. 1664 SAFEGUARDS Act of 2011