Great news on Friday from Congress and the White House on the passage of $622 billion in a series of tax breaks, which will include retroactive renewal of the Work Opportunity Tax Credit (WOTC) until December 31st of 2019.
President Obama’s signing into law of the comprehensive tax and spending package will also mean the introduction of a new target group of individuals eligible for the credit – the long term unemployed. Next up, the Dept of Labor will issue a formal processing statement to the state WOTC processors about when they can begin issuing decisions for applications with start dates beginning 1/1/2015. It is likely that there will be a transition relief period offered again this year, for 2015 hires. This means that companies that have not yet submitted 2015 WOTC applications can now submit them retroactively for all of their 2015 hires. This transition period usually lasts for 60-90 Days. Read more about the tax and spending package here.
The WOTC is an excellent financial incentive for employers across the nation who hire individuals facing barriers to employment. The Dave’s Killer Bread Foundation is particularly encouraged by the potential for businesses to receive the tax credit when they hire individuals with felony convictions, who frequently face a host of challenges as they work to secure employment following their incarceration. For more information about how your company can benefit from the WOTC, contact us at email@example.com