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Tax Reform is signed into law

President Donald Trump has signed the Tax Cuts and Jobs Act into law. This law 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) have became uncertain, particularly in the House. The House called for an unprecedented repeal of the program, as of December 21, 2017.

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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%. It is estimated that H.R. 1 will also curtail federal government revenues by approximately $1.5 trillion over ten years. As it turns out, the proposed legislation also calls for a repeal of the Work Opportunity Tax Credit (WOTC) by December 31, 2017, along with several other provisions.

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