- March 2010
- Many Nonprofit Programs Hold Even or See Gains in Obama’s 2011 Budget
- Congress Passes Plan to Encourage Cash Donations for Haiti Relief
- Budget Plan Revives President’s Call for New Charitable-Deduction Limits
- Supreme Court Campaign-Finance Ruling Could Aid Nonprofit Advocates
- Obama’s $50-Million Fund to Spur Innovation Gets Underway
- Senate and House Pass Jobs Bills with Tax Credits for Non Profit Employers
- Fundraisers Challenging Utah’s Registration Requirements
- Notre Dame Gets First Property Tax Bill from Indiana County
- Court Rejects Texas Rules on Solicitation Disclosure
- States and Local Governments Considering Taxing Non Profits
- Arizona Takes Donor’s Gift
- MA Non Profits May Lose Out Following Madoff Case Ruling
- IRS Gives Haiti Special Disaster Status
- Recent Estate-Tax Changes Did not Make Big Difference to Charitable Gifts
- IRS Adjusts Levels for Nominal Value Premiums
- Postal Service May Increase Rates and Reduce Service
- All Pages
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Senate and House Pass Jobs Bills with Tax Credits for Non Profit Employers
The Senate approved a jobs bill that has a tax credit which could provide $1 billion in savings to non profit groups and generate 8,000 to 18,000 new non profit sector jobs.
The measure would exempt private employers, including non profits, from paying their share of social security taxes for employees they hire through the end of 2010. (These new hires must have been out of work for at least 60 days). Employers would also receive an additional bonus of $1,000 if they kept these new hires on the payroll for a full year.
President Obama had earlier announced a similar proposal to help small employers-including nonprofit groups-hire workers and raise wages. His plan which was part of a broader White House effort to bring down soaring unemployment, would have given companies or charities a $5000 federal tax credit for every net new employee they added in 2010 and reimbursed them for any taxes they owed to Social Security. because they have a bigger payroll.
The House of Representatives then passed a similar bill, but because it differs slightly with the Senate version, it now goes back to the Senate for reconciliation.