The Treasury Department has released a new state-by-state report on the number of newly hired workers whose employers are eligible to claim tax credits under the HIRE Act, increasing the estimate from 4.5 million to 5.6 million workers.
Nationally, from February 2010 to June 2010, businesses have hired an estimated 5.6 million new workers who had been unemployed for eight weeks or longer, making those businesses eligible to receive billions in HIRE Act tax exemptions and credits for hiring long-term unemployed workers. If the 5.6 million newly hired employees remain employed for the rest of the year, their employers would be eligible for an estimated $6.2 billion in payroll tax savings. Furthermore, if three quarters of the workers remain employed for 52 weeks, then their employers would receive another $4.2 billion in tax credits for these hires, bringing the potential tax savings to $10.4 billion.
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