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Tax Credits Overview
Every business, regardless of location, size or industry can take advantage of the Work Opportunity Tax Credit (WOTC) program. WOTC credits are designed to reward businesses that hire individuals from certain designated groups.
These individual include:
Short-term Welfare recipients
Long-term Welfare recipients
Supplemental Security Income (SSI) recipients
Food Stamp/SNAP (Supplemental Nutrition Assistance Program) recipients (age 18 - 39)
Returning military veterans
Ex-felons hired within one year of conviction and/or release
Vocational Rehabilitation employment network referrals
Individuals who are in a period of unemployment that is at least 27 consecutive weeks and for all or part of that period have received unemployment compensation
Ticket To Work employment network referrals and Indviduals age 18 - 39 who live in designated areas (Renewal Community Zone, Empowerment Zones or Rural Renewal Counties)
Summer youth age 16 - 17 who live in who live in designated areas (Renewal Community Zone, Empowerment Zones or Rural Renewal Counties)
Businesses can obtain tax credits for up to as much as 40% of the salary of these individuals (up to the first $6000 in wages). In the case of qualified long term TANF recipients, businesses can claim up to $9000 over the course of two years if the qualified individual remains in their employ for two full consecutive years.