President Proposes 2 Tax Breaks That Could Benefit Nonprofits

The $447-billion jobs bill that President Obama announced Thursday night proposes at least two tax breaks that would benefit nonprofit employers. But overall, the plan emphasized the need to help for-profit businesses hire more workers.

The president proposed two provisions to ease payroll taxes, which are paid by nonprofit and for-profit employers. One would cut payroll taxes in half for the first $5-million in payroll; the other would temporarily eliminate payroll taxes for salaries of new workers or raises for current workers.