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FOR IMMEDIATE RELEASE Senator Rafferty Introduces Bill to Encourage Hiring of Pennsylvania's Older Workers(Harrisburg, PA) 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. CONTACT: Sean Moll - 717.783.0192
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