It just hit the news – and we received a corroborating update from Paul E. Suplizio, President of the WOTC Coalition. As anticipated, the U.S. Senate voted this afternoon to limit debate on Senator Reid’s amendment SA 3310 to the Jobs for Main Street Act of 2010 (H.R. 2847). As I described yesterday, Reid’s amendment adds two new federal tax-incentive programs intended to help the private sector create and maintain new jobs.
The Senate invoked cloture on the Reid Amendment by a vote of 62-30. With further debate thus limited, the amendment is on its way to Senate passage and then back to the House of Representatives, where it will most likely be approved.
My firm is preparing to assist our clients with these new hiring-based tax benefits. Implementation could face challenges similar to those we faced in 2009 with the mid-year addition of two new eligibility categories to the Work Opportunity Tax Credit program. Like last years Stimulus Act, this bills language provides for retroactive eligibility — meaning that employees hired before the bill’s passage may still become eligible to generate the new tax benefits for their employer.
Fortunately, our clients are already obtaining some of the required information from their employees at the time of hire using our WOTC surveying forms. If we do have to go back and get more information for the new tax benefit programs, we’ll already know who might qualify. So, we can limit our attention to just those employees.
For more information, please call me at 888-655-5281, extension 101. Or email me at vah@hromiko.com . And have a great evening! I am Vaughn Hromiko.