On Friday Pres. Obama signed HR 5771, the Tax Increase Prevention Act of 2014 into law. While employers can be glad their efforts to utilize the Work Opportunity Tax Credit and other tax incentives during 2014 were not wasted, we are now faced with a new expiration date approaching in only 12 days.
Paul Suplizio, President of the WOTC Coalition, summarizes our situation and defines our next objective.
We share your disappointment at Congress’ inability to provide more than a one-year extension, which means continued uncertainty for taxpayers who rely on these tax credits in good faith with the aim they were enacted for.
Our immediate goal is to win a WOTC extension for the entire year 2015 on the bill to raise the debt ceiling which will come before Ways and Means in March. If another tax bill moves sooner, for example, raising the gas tax for highway maintenance, we will work to get WOTC included in that bill.
More to follow….