Important News: WOTC is renewed!

On Friday, December 20th, President Trump signed H.R. 1865 into law.  This provides a one-year extension for the Work Opportunity Tax Credit (WOTC), including VOW To Hire Heroes tax credits, and retroactive extensions through 2020 for Federal Empowerment Zone and Indian Employment Credit.
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Senate passes H.R. 1865

We are almost at the finish line! As expected, this afternoon, the Senate passed H.R. 1865, Further Consolidated Appropriations, 2020, which contains a one-year extension of WOTC and a retroactive extension of Federal Empowerment Zone as well as Indian Employment Credit through December 31, 2020. The President is expected to sign the bill into law by tomorrow.  Extenders’ provisions will become effective on the signing date, and official text of the new public law will be published in coming days.   We will let you know once it’s signed into law!
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Breaking News: House Passes H.R. 1865

Important developments are happening very rapidly. As expected, yesterday afternoon, the House voted 297-120 to approve H.R. 1865, Further Consolidated Appropriations Act, 2020, with a one-year extension for WOTC, including VOW To Hire Heroes Act and retroactive extensions for Federal Empowerment Zones (FEZ) and the Indian Employment Credit (IEC).
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WOTC Legislative Update - Dec. 17, 2019

We are pleased to announce that early this morning, the House Rules Committee issued a Rule and manager’s amendment to H.R. 1865, “Further Consolidated Appropriations Act, 2020.”  This amendment grants an extension for the Work Opportunity Tax Credit (WOTC), including VOW to Hire Heroes Act Credits, through December 31, 2020.  ...
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WOTC Legislative Update - 11/18/2019

As you may know, the current version of the Work Opportunity Tax Credit (WOTC) program is set to expire on December 31, 2019, unless congress passes legislation that extends the program, as done previously, since its inception in 1996.     Here are the latest developments: The week of November 4, Senate Finance Chairman, Chuck Grassley (R-IA) and House Ways and Means Chairman, Richard Neal (D-MA), contended openly over the so called “tax extenders.” Tax extenders are several dozen non-permanent tax provisions of the U.S. tax ...
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Tax Reform is signed into law

President Donald Trump has signed into law the Tax Cuts and Jobs Acts, which delivers a 1.4 trillion tax overhaul to the U.S. tax code.  It provides generous cuts to corporations and simplifies tax brackets for individual filers, lowering taxes for most people.  As part of the congressional process to address the tax reform, the future of tax provisions such as the Work Opportunity Tax Credit (WOTC) became uncertain, particularly in the house, which called for an unprecedented repeal of the program, as of December 31, 2017.  Fortunately, given the overwhelming ...
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WOTC makes it to final Tax Reform Bill

On Friday, December 15, congress released the final draft of the tax reform bill.  We are happy to report that the conference committee deferred to the Senate position, which left WOTC as is. Therefore, WOTC has survived tax reform and will remain in place through its current expiration date of December 31, 2019.  A vote is expected to take place by Wednesday, December 20, 2017, to decide the fate of the tax reform bill. 

We continue to monitor the situation closely and will keep you up to date on the developments as we learn of them.

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Update: Tax Reform and the future of WOTC

Recent Developments The Senate Finance committee voted the tax reform bill out of committee on Thursday, November 16 in a similar fashion to the House plan, suggesting an aligned strategy orchestrated by the Republican leadership.  All Democratic amendments were voted down by party line votes.  All Republican amendments were withdrawn in favor of the Chairman’s mark.  As it turns out, the bill that was voted on, does not reference WOTC, which likely means that WOTC will be left in place until December 31, 2019, based on the existing law.  Whi...
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Legislative Update: WOTC program at risk of repeal

On Thursday, November 2, 2017, the House Ways and Means Committee released a first draft of tax reform.  The Tax Cuts and Jobs Act, H.R. 1, includes many of the items listed in the tax reform framework, released by the Republicans in September, as well as additional details.  The bill proposes fewer tax brackets for individuals as well as higher deductions for middle-class families and lowers corporate tax rates to 20%, although it is estimated that it will also curtail federal government revenues by approximately $1.5 trillion over ten years. As it turns out, the proposed legisla...
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Disaster Relief for Recent Hurricane Areas

On September 29th, President Trump signed into law H.R. 3823 – Disaster Tax Relief and Airport Airway Extension Act of 2017 to aid individuals and businesses impacted by the recent hurricanes in Texas, Florida, Georgia, Puerto Rico and the U.S. Virgin Islands. Section 503 of the Act provides relief to businesses in the form of a retention tax credit to employers if the employee’s principal place of employment was inoperable and located in a disaster zones starting on...
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