Small business job creation is an important engine in driving the continued recovery and growth of the U.S. economy. Small businesses hiring new employees in 2010 can benefit from the Hiring Incentives to Restore Employment (HIRE) Act of 2010.

The HIRE Act provides employers an incentive to hire workers who have been unemployed for 60 days or longer by exempting wages paid to these workers from the employer’s share of Social Security payroll taxes for the remainder of the year.

Additionally, the HIRE Act allows employers to claim a tax credit of up to $1,000 for each newly hired qualifying worker who is retained for one year.  The U.S. Department of the Treasury estimates that 4.5 million new workers have already been employed due to the HIRE Act.