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ECA News

ARTICLE

Date ArticleType
10/24/2022 General News

Work Opportunity Tax Credit Available for Businesses

Did you know that there is a federal tax credit available to businesses that hire individuals from certain target groups who have consistently faced significant barriers to employment?
 
The Work Opportunity Tax Credit (WOTC) program could benefit businesses with credits ranging from $1,200 to $9,600 for hiring qualified individuals.

Some of the eligible target groups include:
• Veterans
• Designated Community Resident
• Vocational Rehabilitation Referral
• Short-Term Recipients of Temporary Assistance to Needy Families
• Long-Term Unemployed
• Supplemental Nutrition Assistance Program (SNAP) Recipients
• And more
 
A WOTC equal to 40% of the first $6,000 in qualified first-year wages, for a maximum credit of $2,400. Qualified individuals must complete at least 120 hours of work to qualify for the partial WOTC credit of $1,500, and over 400 hours for the full $2,400 credit.
 
Employers must apply for and receive a certification verifying the new hire is a member of a targeted group before they can claim the tax credit. After the required certification is secured, taxable employers claim the WOTC as a general business credit against their income taxes, and tax-exempt employers claim the WOTC against their payroll taxes.

Click here to learn more from the NY Dept. of Labor.

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