Senate Passes Jobs Bill That Includes Tax Credit for Nonprofit Employers

The Senate has approved a jobs bill that has a tax credit that could provide $1-billion in savings to nonprofit groups and generate 8,000 to 18,000 new nonprofit jobs, according to an analysis by the Alliance for Children and Families.

The measure would exempt private employers, including nonprofit groups, from paying their share of Social Security taxes for employees they hire through the end of 2010. The new hires must have been out of work for at least 60 days.

They would get an additional $1,000 bonus if they kept the employee on the payroll for a full year.

The House of Representatives now will consider the Senate legislation.

For more information, read The Chronicle‘s previous coverage of the provision.