After intense negotiations, Congress passed the Taxpayer Certainty and Disaster Tax Relief Act of 2019 also known as the 2019 tax extenders bill, on Tuesday, December 17th, and now the legislation is expected to be signed by the Senate later this week.
At Efficient Hire, we’re always following the latest news on tax extenders, especially when it comes to tax credits for our awesome customers.
Work Opportunity Tax Credit Extended
All of us at Efficient Hire are excited about the extension of the Work Opportunity Tax Credit through 12/31/2020. If you have or will be employing the following target groups, you may be eligible for a tax credit:
- Unemployed and/or disabled veterans
- Food stamp (SNAP) recipients
- Designated community residents or summer youth employees (living in empowerment zones or rural renewal counties)
- Vocational rehabilitation referrals
- Supplemental security income recipients
- Ex-felons
Indian Employment Credit Extended Through 2020
The Indian employment credit is a tax incentive offered to employers for hiring certain Native Americans and/or their spouses. This tax credit offers a dollar-for-dollar reduction in taxable income for the business. As a result, many businesses have incentives to hire certain workers. The Indian Employment Credit initially expired on December 31, 2007, but has been extended most recently through the end of 2020.
Small businesses that have hired certain Native Americans during 2018 and 2019, may also be eligible for a considerable tax credit.
Empowerment Zone Tax Incentives Extended Through 2020
According to Inc magazine, Empowerment zones (EZs) are economically distressed communities designated by government for aid—but this aid is intended primarily to lift the communities out of poverty by stimulating business enterprise and creating jobs.
Congress extended the Empowerment zone tax incentive through 12/31/2020 as well, and now the entire bill will go to the Senate for a final vote and then to the desk of President Donald Trump.
Tax incentives may be available for businesses for tax year’s 2018 and 2019 as well.
2019 Tax Extenders Bill. Real Customers. Real Credit.
Since 2014, Efficient Forms has screened over one million WOTC applications. If you’re ready to learn more about getting your WOTC program started now, contact us today or request a demo of our WOTC processing software.