Reducing Long-Term Unemployment Act - Amends the Internal Revenue Code to extend until December 31, 2014, the suspension of employment and railroad retirement taxes for employers who hire unemployed individuals.  Limits the aggregate reduction in taxes from such suspension to $5,000 per employee. Modifies the unemployment requirement to require a signed affidavit from the unemployed individual that, during the 27-week period ending on the hiring date, such individual: (1) was receiving federal or state unemployment compensation, or (2) was unemployed and would have received unemployment compensation except for having exhausted the right to receive such compensation during such period.