Thursday afternoon, the Ways and Means Committee finished the House’s markup of the Tax Cut and Jobs act, voting down amendments to add back the Work Opportunity Tax Credit (WOTC) and a number of other specialized tax benefits.
While this is bad news for WOTC proponents, better news emerged from the Senate today. The Senate Finance Committee released its own version of tax reform and it does not include the dreaded WOTC repeal. (more…)
You’re probably already aware of the House’s tax reform proposal, which in it’s current form would repeal the Work Opportunity Tax Credit (WOTC) program. Repeal would be effective 01/01/2018. The draft reform bill was introduced 7 days ago as H.R. Bill 1, the Tax Cut and Jobs Act.
The repeal of WOTC as proposed is wholesale and complete. Here’s the text in its entirety: (more…)
Have your heard?
Congress passed and President Trump signed a bill on September 29 that provides a temporary WOTC-like tax benefit for businesses impacted by three recent powerful hurricanes.
H.R.3823 – Disaster Tax Relief and Airport and Airway Extension Act of 2017 includes the “Employee Retention Credit for Employers Affected by Hurricanes” Harvey, Irma and Maria. (more…)
It’s called the Military Spouse Hiring Act (H.R.2318). If passed, military spouses would become the newest Target Group for the Work Opportunity Tax Credit (WOTC).
Congresswoman Carol Shea-Portal (D, NH) introduced this simple proposal to the House Committee on Ways and Means on May 3 of this year.
When I stumbled across this bill today, I felt embarrassed at first. How could I have overlooked it? Then I dug a little deeper. (more…)