Businesses must be given the necessary incentives to create new jobs and to take a chance with these "permanently unemployed." My bill would help make this practical. It would first. provide that the Secretary of Labor determine what specific individuals make up the hardcore unemployed. He would then issue these individuals a "green card." As recommended by the Commission this identifying job should not be imposed on private industry. Businesses. large and small. would be encouraged to hire these hardcore unemployed. and for the first 6 months or less. the employer would be allowed a 75percent credit. 50 percent for more than 6 months but nct more than 1 year. and 25 percent for the employee who works for more than 1 year but not more than 2 years. The individual must be retained for at least 6 months. The worker would receive the higher of the minimum wage or the prevailing wage. The employer would be restricted on the number of green card employees he could hire. and could not substitute green card employees for existing employees. Mr. Speaker. this legislation is patterned after the very popular act allowing tax credit for investment in new equipment by businesses.
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green card