U.S. Sen. Feingold: Seeks feedback from Wisconsin businesses, constituents on jobs tax credit

Contact: Zach Lowe (202) 224-8657

Feingold’s Legislation Would Extend and Expand the Jobs Tax Credit Passed in March

Washington, D.C. – After hearing positive responses in meetings with business leaders from across Wisconsin, U.S. Senator Russ Feingold is seeking feedback from all Wisconsinites about his legislation to extend and expand the recently enacted jobs tax incentive. Feingold worked to get the HIRE Act signed into law in March; that law includes a payroll tax break for companies that hire workers who had been unemployed for at least 60 days. Feingold’s legislation would extend and expand this law by providing a tax credit to any business that hires a new employee, expands work hours for its current workforce or simply raises pay. Feingold has set up a web form on his Senate website (http://feingold.senate.gov) where constituents can offer their thoughts on the legislation and how it could help Wisconsin businesses.

“While the HIRE Act was a worthy step, a more robust jobs tax credit would offer even more help to businesses that expand their workforce,” Feingold said. “In the numerous meetings I have recently held with business leaders across the state, I have heard repeatedly how useful a jobs tax credit would be to help firms put more people back to work, including next year when more businesses may be in a better position to expand their payroll as the economy strengthens.”

Feingold’s legislation (S.2955) is based on a proposal by the Economic Policy Institute (EPI) and would:

* Amount to 15 percent of the increase in eligible payroll for 2010 and 10 percent of the increase in 2011

* Be based on a firm’s total eligible payroll so it would reward firms that expand work hours or raise pay as well as hiring more workers

* Be offset so as to not increase the deficit

Wisconsinites interested in providing feedback on Senator Feingold’s jobs tax credit proposal can do so at: http://feingold.senate.gov/jobstaxcredit/.