|
Rafferty Introduces Bill to Encourage Hiring of Pennsylvania's
Older Workers
HARRISBURG -- State
Senator John C. Rafferty, Jr. (R-44), introduced legislation yesterday that
provides a tax credit to companies who hire individuals 55 years of age or older
for full-time employment.
Senate Bill 653 is meant to
encourage the hiring of older Pennsylvanians who have been victims of the recent
downsizing and outsourcing trends which have so negatively impacted many middle
and senior level employees working for companies within Pennsylvania.
Specifically, Senate Bill 653 provides a tax credit equal to the lesser of
$10,000 or 10 percent of the employee’s first year annual wages. This tax
credit is a one-time incentive that would reduce the company’s corporate net
income tax liability for the tax year in which the individual is hired.
“The very competitive global
market has forced many companies to downsize and outsource their labor force in
an effort to reduce costs and stay profitable. Unfortunately, the victims of
their efforts are often middle and upper level employees who have years of
experience in their applied fields or trades. Providing an incentive for
companies to hire these individuals is imperative, as these employees are often
overlooked in this contemporary job market. We must work to both encourage and
protect job growth in the Commonwealth,” Rafferty said.
 
# # #
|
