Major Tax Credit Boost for Employers Hiring Veterans and Military Spouses.
This law extends and significantly increases the Work Opportunity Tax Credit (WOTC) for businesses hiring individuals from targeted groups, including veterans, long-term unemployed, and now, military spouses. The changes aim to encourage companies to offer stable employment to these groups, improving their job prospects and financial security. The credit is also updated to include inflation adjustments and removes the age limit for SNAP recipients.
Key points
Extends the Work Opportunity Tax Credit (WOTC) until the end of 2030, providing long-term stability for hiring programs.
Increases the maximum tax credit available to employers and introduces a bonus credit for employees retained beyond 400 hours, promoting longer service.
Adds spouses of active military personnel as a new targeted group, making it easier for military families to secure employment.
Removes the age restriction for Supplemental Nutrition Assistance Program (SNAP) recipients to qualify for the hiring credit.
Status:
Introduced
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