Increased Tax Credits for Employers Hiring Veterans and Targeted Workers.
This bill improves and enhances the Work Opportunity Tax Credit (WOTC) to encourage employers to hire individuals from specific groups, such as veterans and recipients of social assistance. The changes increase the credit amount and the wage limits, especially for long-term employment. For citizens, this means potentially more job opportunities and better incentives for employers to retain targeted workers.
Key points
The basic tax credit for employers increases from 40% to 50% of qualified first-year wages (up to $6,000), with an additional credit for wages up to $12,000 if the employee works at least 400 hours.
Significantly higher wage limits for the credit are introduced for qualified veterans, potentially increasing the maximum eligible wages up to $48,000, depending on their specific veteran status.
The age limit (40) is removed for individuals receiving SNAP benefits (food assistance) to qualify for the credit, expanding the pool of eligible workers.
Special rules are established for long-term family assistance recipients, allowing employers to claim a credit for both the first and second year of employment (up to $10,000 in wages each year).
Expired
Citizen Poll