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On March 18, President Obama signed a $17.6-billion jobs package, the Hiring Incentives to Restore Employment - HIRE Act. The new law provides a payroll tax exemption for businesses that hire workers who have been unemployed for 60 days or more and an extension of 2008 and 2009 expensing thresholds to $250,000 for qualified capital expenditures, such as new equipment.

Obama, at a White House signing ceremony, said the payroll tax break could spur small businesses to hire more quickly because it offers employers a larger tax break the sooner they take on new employees. The tax benefit applies to workers hired after February 3, 2010, and before January 1, 2011.

The legislation is fully offset and reduces the deficit by nearly $1 billion. To pay for the comprehensive package, the new law delays implementation of the worldwide allocation of interest rules and includes several measures to reduce offshore tax noncompliance.

More detailed information can be found at the following link: HIRE Act