ECONOMIC STIMULUS ACT

Purpose: To provide economic stimulus through recovery rebates to individuals, incentives for business investment, and an increase in conforming and FHA loan limits.

• Click here to read the entire Act (680 pages)
• Click here to read the highlights

HR QUOTES:

HR execs have critical role in deploying stimulus’ relief

The Feb. 17 bill offers financial relief to commuters but may require HR execs to act for employees to get it. Tax-free commuter benefits let commuters pay for their mass transit tickets using gross income. Previously, employees could deduct up to $120/month pretax. The new limit’s $230. HR execs may need to contact their benefit provider to change the limit. TransitCenter, the nonprofit that supported the cap raise, has set up a microsite that helps HR execs to make the change.

Stimulus bill a big boost to benefits

Tax-Free Commuter Benefits IRS 132(f) got a boost in the Feb. 17 stimulus package. Previously, employees could save up to $500 a year by using their gross income to pay for mass transit tickets. Now that the savings have been raised to as high as $1,000/year. HR execs may need to raise their internal limits first for their employees to get the money. TransitCenter, the nonprofit that supported the measure, set up a microsite to help HR professionals make the transition.

TWEETS ABOUT THE ECONOMIC STIMULUS ACT

Follow Jim Stroud on Twitter.
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kris_dunn: HR Capitalist: Automatic Stimulus – Will 2 Million New Visas Save the Economy? http://tinyurl.com/br5b3j
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Ramsgrl17: Hey HR folks! Urgent Stimulus act requires immediate COBRA action! Better check into it quick. More crappy work for you!

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redjudy: is thinking about stimulus package and ramifications for HR. Seems to me that internal communicators are going to be needed!

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davidlpatrick: For all the HR professionals: National E-verify has been dropped out of stimulus bill.

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leeny519: Stimulus bill’s HR implications: http://tinyurl.com/aodjmk; http://tinyurl.com/aomxb9 – both articles feature client John Heins, Spherion

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jasonaverbook: Job Creation vs. Job Protection in Stimulus Package http://tinyurl.com/dyfc3x (expand) – Very important to all in HR and Talent Management

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casey_bowman: It used to be a rare honor to have a government file on you. Now everyone will have that opportunity? HR 1 Stimulus – http://twurl.nl/tdl7nh

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famousmonkey: Obama’ stimulus package is already working, even though it hasn’t passed yet. I just got a call from a recruiter b/c of anticipated hiring!

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ToddRaphael: one recruiter‘s opinion of the stimulus — http://tinyurl.com/cs4f4l

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lanepowell: Stimulus plan requires trying to hire U.S. citizens before recruiting foreign workers under H-1B status http://tinyurl.com/cbnnta

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darkknight3565: @Steve_Simon Besides of cost of some the stimulus jobs is over $1M per. The cost of recruiting someone into the military is about $16k.

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wadeeyerly: Will blue collar jobs emerge from stimulus? Doubtful. http://is.gd/kbvd #tcot
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jro268: oh sweet. the stimulus bill has specific jobs set aside for unreported workers. awesome.
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tobint: “The Obama administration has no estimate of exactly how many jobs the stimulus will save.” – http://bit.ly/13wSfj
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jimA11: RT @andersoncooper: How will the stimulus plan affect jobs in your state? http://tinyurl.com/aezp72

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What is your opinion? Is the new Economic Stimulus Act good for HR?

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