US Congress House Bill 4777 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on March 4 2010 - 25% progression, died in committee
Action: 2010-03-04 - Referred to the House Committee on Ways and Means.
Pending: House Ways And Means Committee
Text: Latest bill text (Introduced) [PDF]

Amends the Internal Revenue Code to: (1) exempt for-profit and nonprofit employers, including public institutions of higher education, from social security taxes in 2010 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.

To amend the Internal Revenue Code of 1986 to provide an exemption for employer payroll taxes during 2010 for wages with respect to the employment of new hires and to provide a credit for retaining employees.

Rep. William Owens [D-NY]

Date	Chamber	Action
2010-03-04		Referred to the House Committee on Ways and Means.

HB4633 (Related) 2010-02-22 - Referred to the House Committee on Ways and Means.
SB2983 (Related) 2010-02-04 - Read twice and referred to the Committee on Finance.
HB6152 (Related) 2010-09-16 - Referred to the House Committee on Ways and Means.

Type	Source
Summary	https://www.congress.gov/bill/111th-congress/house-bill/4777/all-info
Text	https://www.congress.gov/111/bills/hr4777/BILLS-111hr4777ih.pdf