Tax Extenders Bill Announced by Senate Finance Committee
On August 5, the Senate Finance Committee announced its version of the 2015 tax extenders bill, S 1946, The Tax Extension Relief Act of 2015. To view the full bill or track the legislation: http://www.finance.senate.gov
“The Committee on Finance, having considered an original bill, S. 1946, to amend the Internal Revenue Code of 1986 to extend certain expiring provisions, and for other purposes, reports favourably thereon without amendment and recommends that the bill do pass.” The 2015 tax extender bill would authorise the Work Opportunity Tax Credit for two additional years, retroactively beginning January 1, 2015. They also extend WOTC to include a new target group long-term unemployment recipients.
‘Qualified long-term unemployment recipient’ includes any individual who is certified by the designated local agency as being in a specified time period of unemployment which is not less than 27 consecutive weeks and includes a time period in which the individual was receiving unemployment compensation under State or Federal law.
It will be interesting to find out where the House of Representatives goes on the issue over the next period of time.