Talk about a legislative roller coaster.

In February 2010, we reported on the status of President Obama's efforts to provide a $3,000 refundable tax credit to businesses that hire new workers. At the time, we rated the promise In the Works, since the White House had released a detailed proposal on how the credit should work, with mechanisms in place make sure the tax breaks go to new jobs, and especially jobs created by small business. Congress was also considering a jobs bills that could include the proposal or one similar to it. This was a change from 2009, when we rated the promise Broken, since the American Recovery and Reinvestment Act of 2009 did not include the measure and there was no indication that it might re-emerge.

On March 18, 2010, Obama finally signed the $17.5 billion jobs bill, officially known as the Hiring Incentives to Restore Employment (HIRE) Act, into law. The bill permits businesses to write off investments in equipment during 2010 and maintains investments in roads and bridges through reforms in municipal bonds.

Most important, at least in terms of this promise, are the bill's business tax break provisions. There are two key benefits that businesses can take advantage of, according to the IRS.

First, from March 19, 2010, through December 31, 2010, employers are exempt from paying the 6.2 percent Social Security tax on wages paid to previously unemployed workers. This means that a business could potentially save a little over $6,600 if it paid the worker at least $106,800, since that's the maximum amount of wages subject to Social Security taxes in 2010.

Second, for each qualified employee retained for at least 52 consecutive weeks, employers will receive a non-refundable tax credit of 6.2 percent of wages paid to the qualified employee over the 52 week period, for a maximum credit of $1,000.

To be a "qualified employee," you must have been hired between February 3, 2010, and January 1, 2011, and you must have been unemployed during the 60 days prior to starting work, or worked fewer than 40 hours for someone else during the 60 day period. The law does not set a minimum number of hours that the employee must work.

To recap. Obama promised to give businesses a $3,000 refundable tax credit for each full-time employee hired. The final bill falls short of that promise. The tax credit is non-refundable, which means that while it reduces the employer's tax liability, he or she cannot get a refund--hence the name. On the other hand, the bill gives employers a tax exemption of up to $6,600, which is more than Obama promised.

In all, we rate this one a Compromise.