Promote Hiring – H.R. 9, the Small Business Tax Cut Act of 2012

While Congress debates the long-term makeup of the U.S. government’s fiscal policy as well as comprehensive tax reform, small and large businesses alike continue to pressure their congressional representatives to renew a number of tax credit programs that have helped these businesses to save on hiring costs, make investment appealing, and reduce costs across the bottom line. The most recent efforts are focused on a newly introduced bill by House Majority Leader Eric Cantor, H.R. 9, the Small Business Tax Cut Act of 2012. Representative Cantor expects floor action on this bill by April 15th, but it must first go through the Ways and Means Committee. Supporters of the various tax extenders provisions that expired at the end of last year (known as the tax extenders), including the Work Opportunity Tax Credit (WOTC) program, are hoping to submit an amendment to H.R. 9 either in the Ways and Means Committee or in the Senate. The many business organizations pushing for renewal of the tax extenders are advising members to contact their congressional representatives, the White House, and, specifically, House Ways and Means Chairman Camp in support of an immediate renewal of all tax extenders. Without either renewal of these tax extenders or comprehensive tax reform, the investment and hiring decisions of businesses must be made in an uncertain and confusing business environment.

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