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A New HIRE Act?

That is what Rhode Island Senator Sheldon Whitehouse thinks is needed to spur job growth. Here’s a press release from the Senator:

Providence, RI – After hearing from small business owners about how we can get our economy moving, U.S. Senator Sheldon Whitehouse last week introduced the Job Creation Tax Credit Act (S. 1271) to help businesses hire more workers. Today Whitehouse met with a group of Rhode Island manufacturers to hear about their efforts to create jobs, and to discuss how this bill can help.

“The Job Creation Tax Credit Act would help Rhode Island business owners like those I met today, many of whom want to hire more workers but aren’t sure they can afford it,” said Whitehouse. “By providing refundable tax credits for new hires, this bill will help businesses hire the workers they need to expand, and provide relief to unemployed Rhode Islanders still struggling to find jobs in the wake of the recession.”

Whitehouse was joined at a roundtable meeting today by representatives from a number of manufacturing businesses in the state. The meeting, which was held at the offices of the Rhode Island Manufacturing Extension Service (RIMES), gave Whitehouse the opportunity to hear from business owners about their experiences through the economic downturn, and discuss his efforts to help put our economy back on track.

“It is fantastic to see Senator Whitehouse actively engage the manufacturing community in meaningful dialogue about his Job Creation Tax Credit Act of 2011. His desire to fully understand how this Act will impact manufacturers and assist them in spurring employment in Rhode Island and across the country is deep-seated,” said Leslie Taito, Chief Executive Officer of the Rhode Island Manufacturing Extension Services, Inc. (RIMES). “The Senator’s willingness to put forth such legislation to provide tools that will enable manufacturers to grow and compete is critically important in the recovery of our economy.”

Expanding on the HIRE Act of 2010, the Job Creation Tax Credit Act would offer a new set of tax incentives for hiring in 2011 and 2012. If passed, the bill would provide businesses refundable tax credits of 15% of wages paid in 2011 and 10% of wages paid in 2012 for qualified new hires – those who have been unemployed for at least 60 days. The refundable nature of the credit means that struggling businesses can benefit from it even if they aren’t currently making profits.

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