Number: 111- 34
Date: February 26, 2010
The Senate Passes H.R.2847,
Hiring Incentives to Restore Employment (HIRE) Act
On February 24, 2010, the Senate amended and passed H.R. 2847 by a vote of 70-28. The Senate version is titled the "Hiring Incentives to Restore Employment Act, and includes Section 101 of Title I that would exempt "qualified employers" from paying the employer share of OASDI tax on wages paid to certain "qualified individuals" hired and employed after February 3, 2010 and before January 1, 2011. The bill now returns to the House which passed its version on December 16, 2009 (see Legislative Bulletin 111-28).
- A "qualified employer" would not include any Federal, State, or local government entity, but would include public institutions of higher learning.
- A "qualified individual" would be an individual hired and employed for the time frame previously described who had not worked for more than 40 hours during the 60-day period before such employment began.
- Would not affect the amount of Social Security covered earnings of any individual.
- Would appropriate monies payable from the Treasury to the OASI and DI Trust Funds equal to the tax amounts not paid by qualified employers under the bill. The amounts would be transferred from the General Fund in such manner as to replicate, to the extent possible, the transfers which would have occured to such Trust Funds has such amendments not been enacted.
- Would be effective with respect to wages for employment after teh date of enactment and before January 1, 2011.