H.R.6030 - Hire Now Act of 2012

To provide a temporary tax credit for increased payroll, to eliminate certain tax benefits for major integrated oil companies, and for other purposes. view all titles (2)

All Bill Titles

  • Official: To provide a temporary tax credit for increased payroll, to eliminate certain tax benefits for major integrated oil companies, and for other purposes. as introduced.
  • Short: Hire Now Act of 2012 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
06/26/12
 
 
 
 
 
 
 

Sponsor

Representative

Sander Levin

D-MI

View Co-Sponsors (13)

Official Summary

6/27/2012--Introduced.Hire Now Act of 2012 - Amends the Internal Revenue Code to: (1) allow certain employers a tax credit for 10% of the excess (if any) of the wages and compensation paid to their employees in 2012 over the amount of such wages paid in 2011, up to a maximum amount of $5 m

Official Summary

6/27/2012--Introduced.Hire Now Act of 2012 - Amends the Internal Revenue Code to:
(1) allow certain employers a tax credit for 10% of the excess (if any) of the wages and compensation paid to their employees in 2012 over the amount of such wages paid in 2011, up to a maximum amount of $5 million;
(2) prohibit major integrated oil companies from using the last-in, first-out (LIFO) accounting method; and
(3) deny major integrated oil companies a tax deduction for intangible drilling and development costs.

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