Tax credits renewed … Capture your share of Savings
President Obama signed a spending bill on December 18, 2015 which covered several tax measures. The bill included an extension of the Work Opportunity Tax Credit (WOTC) program which was retroactively renewed for 2015 and extends throughout the decade to December 31, 2019.
A new target group was added as part of the WOTC program and employers are able to receive tax credits if they hire individuals who are considered long-term unemployed. This new WOTC target group is defined as “any individual who is certified by the designated local agency as being in a period of unemployment which is not less than 27 weeks, and includes a period in which the individual was receiving unemployment compensation under State or Federal Law,” as stated on page 38 in the house documents.
In addition to the WOTC renewal, Empowerment Zones have been reauthorized through 2016. The bill added benefits into census areas which are outside of the existent zone lines.