This week, a bipartisan group of Senators introduced The Work Opportunity Tax Credit & Jobs Act to make permanent the Work Opportunity Tax Credit (WOTC). Because of its recent 5-year extension, the program is currently set to expire at the end of 2025.
This move, advocating for permanency of the program, shows the ongoing prioritization of the credit and the importance that it can and should play in our country’s pandemic recovery. As Senator Portman stated in a press release on the bill, “Because of the ongoing COVID-19 pandemic, now more than ever individuals who are in the shadows are struggling to find meaningful employment… it’s critical that we make the Work Opportunity Tax Credit permanent.”
As always, we at FADV will continue to promote for WOTC and other incentive programs our clients use. We will also advocate for new programs, such as the refundable hiring credit, which we are currently discussing with Congressional leadership. This would incentivize hiring and rehiring workers displaced by the COVID pandemic.
Please ensure you are subscribed to our Tax Alerts to stay informed. If you have any questions on the programs discussed in this alert and how they might impact your business, please contact your First Advantage Tax Consultant or your legal counsel.
