From February to May, businesses hired about 4.5 million new workers who had been unemployed for eight weeks or longer, enticed by billions in tax credits, according to a report released this morning by the U.S. Treasury Department.
Those employers are eligible for tax exemptions and credits worth up to $8.5 billion under the Hiring Incentives to Restore Employment Act, which President Obama signed in March.
Treasury chief economist Alan B. Krueger released the report today in Sanford, where he visited a yarn factory that Parkdale Mills recently reopened. The company has hired about 30 workers at the plant so far and expects to add more.
"This new tax credit provided a powerful incentive to grow our business and was a major factor in our decision to re-open the plant in Sanford," said Parkdale CEO Andy Warlick, in a prepared statement.