President Donald Trump has signed the tax extenders bill providing a one-year extension of the Work Opportunity Tax Credit (WOTC) through 2020.
The SHRM-supported Work Opportunity Tax Credit (WOTC) provides employers with a tax incentive to hire employees from disadvantaged groups. SHRM continues to advocate for legislation making the WOTC permanent.
In addition, E-Verify was also extended through 2020 along with other workplace immigration programs.
If the Spending Bill had not been passed, WOTC would have expired at the end of 2019.
“The WOTC helps both employers that are experiencing labor shortages and certain groups of people who need assistance finding jobs, such as the long-term unemployed, the formerly incarcerated, individuals with disabilities and military veterans,” said Chatrane Birbal, director of policy engagement at SHRM.
According to the Department of Labor, approximately $1 billion in tax credits are claimed each year under the WOTC program.
Work Opportunity Tax Credit Signed and Extended
All of us at Efficient Hire are thrilled with the news that President Donald Trump has signed the extension of the Work Opportunity Tax Credit through 12/31/2020. Will you be employing the following target groups? If so, 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
Are You Ready For a Demo of Our WOTC Processing Software?
Efficient Forms has screened over one million WOTC applications since 2014. 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.