The Long-Term Unemployed Hiring Incentive Act (H.R. 3726) has been introduced by Rep. Bill Pascrell, Jr. (D-NJ). Reps. Jon Runyan (R-NJ), Alan Lowenthal (D-CA) and Tom Reed (R-NY) joined Mr. Pascrell to “To amend the Internal Revenue Code of 1986 to allow the work opportunity credit for hiring the long-term unemployed.” This bill would extend the Work Opportunity Tax Credit program to allow companies that hire long-term unemployed individuals to be eligible for a tax credit of up to $2400.
“Finding a job can be difficult enough, even without the stigma of being out of work for a long period of time. This bill will help those unemployed long-term find jobs and give employers an added incentive to hire these prospective employees. We want to get individuals back on their own two feet and ‘teach them to fish’ rather than ‘hand them a fish’ so they can support their families. Creating a fair environment for these individuals to get a job and support themselves takes a step in the right direction to break the cycle of long-term unemployment and will save taxpayer dollars in the long run,” said Rep. Tom Reed.
The bill is focused on those individuals who have exhausted their unemployment benefits. This credit extension would affect more than 4 million people who are currently out of work and who meet the qualification criteria.
Equifax will be tracking this bill and all interested parties are encouraged to contact their legislators to ask them to support H.R. 3726.