S. 3623

HIRE Now Tax Cut Extension Act of 2010

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II

111th CONGRESS

2d Session

S. 3623

IN THE SENATE OF THE UNITED STATES

July 21, 2010

Mr. Schumer introduced the following bill; which was read twice and referred to the Committee on Finance

A BILL

To amend the Internal Revenue Code of 1986 to extend the payroll tax relief under the HIRE Act, and for other purposes.

1.

Short title

This Act may be cited as the HIRE Now Tax Cut Extension Act of 2010.

2.

Extension of payroll tax forgiveness for hiring unemployed workers under HIRE Act

(a)

Extension

(1)

In general

Section 3111(d) of the Internal Revenue Code of 1986 is amended—

(A)

by striking with respect to employment during the period beginning on the day after the date of the enactment of this subsection and ending on December 31, 2010, in paragraph (1) and inserting during the applicable period with respect to employment,

(B)

by striking January 1, 2011 in paragraph (3) and inserting July 1, 2011,

(C)

by redesignating paragraph (5) as paragraph (6) and by inserting after paragraph (4) the following new paragraph:

(5)

Applicable period

For purposes of paragraph (1), the applicable period is—

(A)

with respect to any qualified individual who begins employment after February 3, 2010, the period beginning after March 18, 2010, and ending on December 31, 2010, and

(B)

with respect to any qualified individual who begins employment after July 22, 2010, the period beginning on the day after the date of the enactment of this paragraph and ending on June 30, 2011.

, and

(D)

by inserting and 2011 after 2010 in the heading thereof.

(2)

Railroad retirement taxes

Section 3221(c) of the Internal Revenue Code of 1986 is amended—

(A)

by striking during the period beginning on the day after the date of the enactment of this subsection and ending on December 31, 2010 in paragraph (1) and inserting during the applicable period,

(B)

by striking January 1, 2011 in paragraph (3) and inserting July 1, 2011,

(C)

by redesignating paragraph (5) as paragraph (6) and by inserting after paragraph (4) the following new paragraph:

(5)

Applicable period

For purposes of paragraph (1), the applicable period is—

(A)

with respect to any qualified individual who begins employment after February 3, 2010, the period beginning after March 18, 2010, and ending on December 31, 2010, and

(B)

with respect to any qualified individual who begins employment after July 22, 2010, the period beginning on the day after the date of the enactment of this paragraph and ending on June 30, 2011.

, and

(D)

by inserting and 2011 after 2010 in the heading thereof.

(b)

Treatment of temporary census workers

Sections 3111(d)(3) and 3121(c)(3) of the Internal Revenue Code of 1986 are each amended by adding at the end the following new flush sentence:

For purposes of subparagraph (B), employment by the Bureau of the Census as a temporary enumerator for the 2010 decennial census shall not be taken into account.

.

(c)

Transfers to certain funds

Section 101 of the Hiring Incentives to Restore Employment Act is amended—

(1)

by inserting and section 2(a)(1) of the HIRE Now Tax Cut Extension Act of 2010 after subsection (a) in subsection (c), and

(2)

by inserting and section 2(a)(2) of the HIRE Now Tax Cut Extension Act of 2010 after paragraph (1) in subsection (d)(2).

(d)

Conforming amendment

The heading of section 102 of the Hiring Incentives to Restore Employment Act is amended by inserting and 2011 after 2010.

(e)

Effective date

The amendments made by this section shall take effect as if included in the amendments made by section 101 of the Hiring Incentives to Restore Employment Act.