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WOTC Extension Includes New Category for Long-Term Jobless

December 29, 2015

Via: SHRM

The Work Opportunity Tax Credit (WOTC) program, designed to encourage employers to hire and retain veterans and other people from groups with employment barriers, has a new lease on life.

President Barack Obama signed into law Dec. 18 an omnibus spending and tax package that retroactively reauthorized the tax incentive for employers from Jan. 1, 2015, and extended it through Dec. 31, 2019. This is the first time in several years that the WOTC program has been reauthorized for more than one year. Employers claim about $1 billion in tax credits each year under the program.

“WOTC is a win-win for employers and job seekers, as it lowers taxes and encourages” job creation, said Vaughn Hromiko, principal and director of client services at Sacramento, Calif.-based NorCal Tax Credit Advisors and RestaWOTC, specializing in WOTC services for restaurant groups.

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