February 7, 2010
Obama Proposes New Tax Credit for Nonprofit and Other Employers
President Obama has announced a proposal to help small employers—including nonprofit groups—hire workers and raise wages.
The plan, part of a broader White House effort to bring down soaring unemployment, would give companies or nonprofit organizations a $5,000 federal tax credit for every net new employee they add in 2010 and reimburse them for any taxes they owe to Social Security because they have a bigger payroll.
Nonprofit groups, which are exempt from income
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