H.R. 4585 · 111th Congress
Small Business Job Creation Tax Act of 2010
- Stage
- In committee
- Sponsor
- Carolyn Maloney
- Introduced
- 2010-02-03
- Latest action
- 2010-02-03 · Introduced in House
Summary
Small Business Job Creation Tax Act of 2010 - Amends the Internal Revenue Code to allow employers a credit against payroll tax liability for a payroll increase in a quarter over a corresponding quarter in the previous calendar year. Sets the amount of such credit at 20% of such increase for employers that employ fewer than 100 employees and 15% for employers that employ 100 or more employees in any quarter. Limits the total credit amount available for all quarters to $500,000.
Directs the Commissioner of Internal Revenue to: (1) notify all employers required to withhold employment taxes of the enactment and applicability of this Act; and (2) report to Congress on enforcement measures taken to prevent and penalize fraud related to the payroll credit allowed by this Act.