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| WHAT’S NEW for Work Opportunity Tax Credit - Government Incentives & Assistance |
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The Work Opportunity Tax Credit (WOTC) is a Federal tax credit incentive that the Congress provides to private-sector businesses for hiring individuals from twelve target groups who have consistently faced significant barriers to employment.
On February 17, 2009, the President signed into law the American Recovery and Reinvestment Act of 2009 (Recovery Act). The Recovery Act amends Section 51 of the Internal Revenue Code by adding two new WOTC target groups: 1) Unemployed Veterans -- A veteran hired after 2008 and before 2011 who has been discharged or released from active duty in the U.S. Armed Forces at any time during the 5-year period ending on the hiring date; and who received unemployment compensation under state or federal law for a period or periods totaling at least 4 weeks during the one year period ending on the hiring date. To be considered a Veteran, the applicant must have served on active duty (other than active duty for training) in the Armed Forces of the United States for a period of more than 180 days, or have been discharged or released from active duty in the Armed Forces for a service-connected disability, and 2) Disconnected Youth --an individual who is certified as having attained age 16 but not age 25 on the hiring date;not regularly attending any secondary, technical, or post-secondary school during the 6-month period preceding the hiring date; not regularly employed during such 6-month period; and not readily employable by reason of lacking a sufficient number of basic skills. Individuals in these two new target groups must begin work for an employer during 2009 or 2010. Work Opportunity Tax Credit |
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