Bill > HR6030

This bill, the Hire Now Act of 2012, aims to stimulate job growth and adjust tax policies for certain industries. It introduces a temporary tax credit for employers who increase their payroll in 2012 compared to 2011, allowing them to claim 10% of the excess wages and compensation paid, up to a maximum of $5 million. The bill also targets major integrated oil companies, which are large, diversified companies involved in multiple stages of the oil industry, by prohibiting them from using the last-in, first-out (LIFO) accounting method, a way of valuing inventory that assumes the most recently produced goods are sold first, and by disallowing them a tax deduction for intangible drilling and development costs, which are expenses related to exploring for and extracting oil and gas.