On March 18, President Obama signed the Hiring Incentives to restore Employment (HIRE) Act. The HIRE Act creates:

● a limited social security tax “holiday” for the employer share of social security tax on wages paid to a previously unemployed new hire

● a separate business tax credit of up to $1,000 if the employee is employed for at least 52 weeks.

The aim of the Act is to free up funds for employers to hire individuals who have been out of work to further stimulate the recovering economy.