Today, the Senate passed a $35 billion jobs bill designed to get people back to work and to spur spending on public works projects. The bill has two components. First, when a company hires an unemployed individual, the business would be exempt from paying the 6.2 percent Social Security payroll tax through December 2010. It would also give that company an additional $1,000 tax credit if the new worker stays employed with the company for a full year.
The second component would extend highway and mass transit programs through the end of this year and put $20 billion into these projects. This infusion of tax money is intended to make up for less than expected gas tax receipts.
Many expect this bill to pass the House quickly and then Obama to sign the bill into law shortly thereafter. More details on how to get the credit are expected later.
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