Connect with us

News

Bill Introduced to Make Work Opportunity Tax Credit Permanent

A bipartisan bill has been introduced in the U.S. Senate that would make an employer tax credit permanent for those who hire those that face barriers to employment.

Advertisement
Statue of Themis, symbol of law and justice

A bipartisan bill called the Work Opportunity Tax Credit & Jobs Act has been introduced in the U.S. Senate that would make the Work Opportunity Tax Credit permanent.

Advertisement
Click Here to Read More
Advertisement

The Work Opportunity Tax Credit is a tax break that encourages companies to hire veterans, people with disabilities and other groups who face barriers to employment, according to Accounting Today. The bill’s sponsors include U.S. Senators Rob Portman (R-OH) and Sherrod Brown (D-OH) as well as Ben Cardin (D-MD), Roy Blunt (R-MO), Bill Cassidy (R-LA), and Bob Menendez (D-NJ). If the bill is not passed, the credit would expire at the end of the year.

The Work Opportunity Tax Credit provides an employer tax credit of between $1,200 and $9,600 per employee for hiring and retaining individuals that are part of certain groups that represent populations that have a difficult time finding work or are often out of the labor force according to the Tire Industry Association (TIA). The credit amount is based on the qualified wages paid to those employees within the targeted groups. These targeted groups include: veterans, long-term unemployed, ex-felons, the disabled, summer youth employees, and Temporary Assistance for Needy Families, Supplemental Nutrition Assistance Program and Supplemental Security Income recipients. TIA supports the legislation.

Advertisement

“Hard work doesn’t pay off like it used to, with too many workers trying but struggling to get ahead,” Brown said. “People can and want to contribute to their communities, and they deserve a fair shot. The WOTC provides that opportunity, and awards companies for investing in their greatest asset – the American worker.”

The bill has been sent to the Senate Finance Committee for consideration.

Advertisement
Click to comment

POPULAR POSTS

Buyer Beware? Chinese Tires Mean Different Quality Levels

News

Cooper Introduces CS5, Phases Out CS4

News

Michelin Rolls Out Premier LTX

Bridgestone-Newsmakers-800x400 Bridgestone-Newsmakers-800x400

Featured

2019 Newsmakers: Bridgestone Americas

Connect