Congress is considering bills that would again extend the Work Opportunity Tax Credit (WOTC) through December 31, 2020.
The U.S. House of Representatives is considering bill H.R. 3301, which extends several expired or expiring tax breaks through 2020, including WOTC.
Another bill has been reintroduced in the House that would make the tax credits obtained through WOTC for hiring veterans permanent. The VOW to Hire Heroes Extension Act of 2019, H.R. 3550, would permanently extend WOTC to encourage businesses and non-profits to hire unemployed and disabled veterans.
Employers should note that military veterans are the only target group that allows both profit and non-profit organizations to earn tax credits.
According to the U.S. Department of Labor , about $1 billion in tax credits are claimed through WOTC annually. Organizations can earn up to $9,600 per qualified candidate.
Employers that aren’t participating in the WOTC program are missing out on increasing their bottom line while helping their communities. Get started with WOTC now.