S.115 - Small Business Job Creation Act

A bill to amend the Internal Revenue Code of 1986 to provide a credit for increasing payroll. view all titles (2)

All Bill Titles

  • Official: A bill to amend the Internal Revenue Code of 1986 to provide a credit for increasing payroll. as introduced.
  • Short: Small Business Job Creation Act as introduced.

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Introduced
 
Senate
Passes
 
House
Passes
 
President
Signs
 

 
01/23/13
 
 
 
 
 
 
 

Official Summary

Small Business Job Creation Act - Amends the Internal Revenue Code to allow an employer a credit against payroll tax liability equal to 10% of the increase of such employer's payroll in a calendar quarter over a corresponding quarter in the previous calendar year. Limits the total cred

Official Summary

Small Business Job Creation Act - Amends the Internal Revenue Code to allow an employer a credit against payroll tax liability equal to 10% of the increase of such employer's payroll in a calendar quarter over a corresponding quarter in the previous calendar year. Limits the total credit amount available for all quarters to $500,000. Denies such credit to any employer with 100 or more employees unless such employer shows an increase in payroll exceeding 3% in a calendar quarter. 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 tax credit allowed by this Act.

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