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 success of the WOTC program as well as its popularity among companies, the senate’s version of the bill left it untouched. After negotiations between the house and the senate, WOTC survived their scrutiny, remaining in place through its current term, which is set to expire on December 31, 2019.
While it did not become permanent, as many had hoped, it is still an active provision of the U.S. tax code and a very effective tool for employers to hire the most in need and further reduce their tax liability, earning up to $9,600 per eligible employee. As your trusted advisor, Walton has been at the forefront, monitoring all tax reform developments and lobbying tirelessly on behalf of its clients to ensure the long-term future of WOTC. We will continue to do so as time progresses and we get close to the expiration of the program in 2019.Back To List