On August 2, the U.S. Treasury Department published a report titled Updated Estimates of Newly Hired Employees Eligible for the Hire Act Tax Exemption. If you have a problem with that link, you can still read the Department’s press summary.
This new report provides monthly updated estimates of potential eligibility under the HIRE Act, including data through June 2010. According to the updated estimates, from February 2010 to June 2010, businesses hired 5.6 million new workers who had been unemployed for eight weeks or longer;
US Teasury Department Says Employers Missing Out on 2010 Payroll Tax Exemption – Obama Will Likely Push for Extension
I found this piece by Deborah Solomon, published online today by the Wall Street Journal.
While accurate statistics will not be available until year’s end when companies complete the filing of their tax returns, anecdotal evidence suggest the HIRE Act’ 2010 Payroll Tax Exemption is far from being fully utilized by U.S. employers. In response, President Obama’s Treasure Department is expected to begin marketing the program more aggressively. The Obama Administration will also probably seek to extend the program beyond its current December 31, 2010 expiration date. (more…)