Panken: Article About the Federal HIRE ActNew York Employment Law Letter May 18, 2010
Peter Panken, a Member of the Firm in the Labor and Employment practice in the New York office, wrote an article about the HIRE Act.
The article discussed how on March 18, President Barack Obama signed into law the Hiring Incentives to Restore Employment Act (HIRE Act), a precursor to other laws in the pipeline to decrease unemployment. The HIRE Act can save employers a substantial amount of employment taxes by hiring new "qualified employees" who have been out of work for more than 60 days. In addition, it mentioned how there will be regulations interpreting the HIRE Act, and the article encourages employers to begin to document their entitlement to the tax benefits and perhaps even structure their hiring practices to take advantage of the new government incentives.