S 367

112th CONGRESS
1st Session

S. 367

To amend the Internal Revenue Code of 1986 to allow the work opportunity credit to small businesses which hire individuals who are members of the Ready Reserve or National Guard, and for other purposes.

IN THE SENATE OF THE UNITED STATES

February 16, 2011

Mr. BROWN of Massachusetts (for himself and Mrs. HAGAN) introduced the following bill; which was read twice and referred to the Committee on Finance


A BILL

To amend the Internal Revenue Code of 1986 to allow the work opportunity credit to small businesses which hire individuals who are members of the Ready Reserve or National Guard, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the `Hire A Hero Act of 2011'.

SEC. 2. WORK OPPORTUNITY CREDIT TO SMALL BUSINESSES FOR HIRING MEMBERS OF READY RESERVE OR NATIONAL GUARD.

    (a) In General- Paragraph (1) of section 51(d) of the Internal Revenue Code of 1986 is amended by striking `or' at the end of subparagraph (H), by striking the period at the end of subparagraph (I) and inserting `, or', and by adding at the end the following new subparagraph:

        `(J) in the case of an eligible employer (as defined in section 408(p)(2)(C)(i)), an individual who is a member of--

          `(i) the Ready Reserve (as described in section 10142 of title 10, United States Code), or

          `(ii) the National Guard (as defined in section 101(c)(1) of such title 10).'.

    (b) Effective Date-

      (1) IN GENERAL- The amendment made by this section shall apply to wages paid or incurred after the date of the enactment of this Act in taxable years ending after such date.

      (2) CURRENT EMPLOYEES COVERED BY CREDIT- For purposes of applying section 51 of the Internal Revenue Code of 1986, individuals described in section 51(d)(1)(J) of such Code, as added by this section, who are employed by an eligible employer (as defined in section 408(p)(2)(C)(i) of such Code) on the date of the enactment of this Act shall be treated as beginning work for such employer on such date.

SEC. 3. PERMANENT EXTENSION OF WORK OPPORTUNITY CREDIT FOR EMPLOYERS HIRING QUALIFIED VETERANS AND MEMBERS OF READY RESERVE AND NATIONAL GUARD.

    (a) In General- Section 51(c)(4) of the Internal Revenue Code of 1986 is amended by inserting `(other than any individual described in subparagraph (B) or (J) of subsection (d)(1))' after `individual'.

    (b) Effective Date- The amendment made by this section shall apply to individuals who begin work for the employer after December 31, 2011.

SEC. 4. RESCISSION OF UNSPENT FEDERAL FUNDS TO OFFSET LOSS IN REVENUES.

    (a) In General- Notwithstanding any other provision of law, of all available unobligated funds, appropriated discretionary funds are hereby rescinded in such amounts as determined by the Director of the Office of Management and Budget such that the aggregate amount of such rescission equals the reduction in revenues to the Treasury by reason of the amendments made by sections 2 and 3.

    (b) Implementation- The Director of the Office of Management and Budget shall determine and identify from which appropriation accounts the rescission under subsection (a) shall apply and the amount of such rescission that shall apply to each such account. Not later than 60 days after the date of the enactment of this Act, the Director of the Office of Management and Budget shall submit a report to the Secretary of the Treasury and Congress of the accounts and amounts determined and identified for rescission under the preceding sentence.

    (c) Exception- This section shall not apply to the unobligated funds of the Department of Veterans Affairs or the Social Security Administration.

END