Tag: Protecting Americans from Tax Hikes Act of 2015

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US Department of Labor Issues Funding to State Workforce Agencies

State Workforce Agencies (SWAs) responsible for the administration of the Work Opportunity Tax Credit program (WOTC) are working diligently to process retroactive and current WOTC program certification requests.

The US Department of Labor Employment and Training Administration is now issuing the balance of FY2016 funding in the amount of $14,856,655 to the SWAs for the implementation of the WOTC program activities through September 30, 2016. The appropriated level for FY2016 totals $18,485,000.

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train station | WOTC Program Transitional Relief Announced

WOTC Program Transitional Relief Announced

Recently released IRS Notice 2016-22 provides for a transitional relief period for the Work Opportunity Tax Credit (WOTC) program. This provides business with the opportunity to retroactively capture the WOTC program for hires made prior to its reauthorization i.e., the “hiatus” or period of time in which the WOTC program was expired due to Congressional inaction on the tax extenders bill.

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Tax Credit Extenders H.R. 2029 Amendment #2 Passes House

The House has approved H.R. 2029 as amended with The Protecting Americans from Tax Hikes Act, which both renews and expands various tax credit programs. In particular, the Work Opportunity Tax Credit program (WOTC) will be renewed for a period of 5 years, with a retroactive start date of January 1, 2015 through December 31, 2019.

Also included in the renewal of the WOTC program is an expansion in which a new target group has been added to the existing nine groups. The new target group is the long-term unemployment recipient,  which includes individuals who have been receiving federal or state unemployment for a period of at least 27 consecutive weeks prior to their hiring. Continue reading “Tax Credit Extenders H.R. 2029 Amendment #2 Passes House”

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Tax Credit Extenders Renewal Continues to Move Forward

H.R. 2029 has been amended with the The Protecting Americans from Tax Hikes Act to both renew and expand various credit programs. In particular, the Work Opportunity Tax Credit program (WOTC) will be renewed for a period of 5 years, with a retroactive start date of January 1, 2015 through December 31, 2019. Also included in the renewal of WOTC is an expansion in which a new target group has been added to the existing 9 groups. The new target group is the long-term unemployment recipient, which includes individuals who have been receiving federal or state unemployment compensation for a period of at least 27 consecutive weeks prior to their hiring.

Other incentives included in the amendment are the New Market Tax Credit program, also renewed for a period of 5 years, as well as the Indian Employment Tax Credit program and Empowerment Zone program, which are both renewed until December 31, 2016, and Research and Development Tax Credit program, which is made permanent by this amendment.

It is expected that the House will be voting on the amendment most likely on Thursday.

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