The 2010 Hiring Incentives to Restore Employment (HIRE) Act, recently signed into law, includes a whopping $17.6 billion in tax breaks for businesses while pumping $20 billion into highway and transit programs. Two of the new law's provisions will be especially helpful to employers who are adding positions to the payrolls of their pressure cleaning businesses. A pressure cleaning business that hires anyone who has been without a job at least 60 days will be exempt from paying the 6.2 percent Social Security payroll tax between now and the end of the year. Employers will get an additional $1,000 tax credit, a direct reduction of their tax bill, if new workers remain on the job for a full year. In addition to the hiring tax incentives, the new law also extends a tax break for small businesses buying new equipment, while another section of the bill expands an initiative that helps state and local governments finance infrastructure programs just in time for the spring construction season.
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