H.R.4585 - Small Business Job Creation Tax Act of 2010111th Congress (2009-2010)
|Sponsor:||Rep. Maloney, Carolyn B. [D-NY-14] (Introduced 02/03/2010)|
|Committees:||House - Ways and Means|
|Latest Action:||02/03/2010 Referred to the House Committee on Ways and Means.|
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Summary: H.R.4585 — 111th Congress (2009-2010)All Bill Information (Except Text)
Introduced in House (02/03/2010)
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.