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Colorado House Bill 1372, legislation proposing a State of Colorado Work Opportunity Income Tax Credit, has been working its way through the Colorado State Legislature.
HB 1372 was introduced on March 16th. The House Committee on Public Health Care and Human Services passed an amended version of the bill on April 5, sending it to the House Finance Committee for further hearings. Apparently, the sole amendment was to delay implementation of the program until January 1, 2018. (more…)PUBLISHED IN
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Representative Bonnie Watson Coleman of New Jersey has sponsored a bill to increase the amount of Work Opportunity Tax Credit generated by wages paid to older Long Term Unemployment Recipients.
This bill, known as the Investing in Older Workers Act, would increase the maximum qualifying wage from the current $6,000 to $14,000 for qualifying Long Term Unemployment Recipients who are age 55 or older. As a result, the maximum tax credit amount that could be generated by hiring an an older long-term unemployment recipient would increase from $2,400 to $5,600. (more…)PUBLISHED IN
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The IRS has issued a revision of IRS Form 8850 “Pre-Screening Notice and Certification Request for the Work Opportunity Credit.” This revision was made necessary by the recent Protecting Americans from Tax Hikes Act of 2015 (PATH Act), which added a new target group to the WOTC program. The form now includes a question to screen for Long Term Unemployment Recipients.
Question number 7 at the bottom reads: (more…)PUBLISHED IN
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Representative Bonnie Watson Coleman of New Jersey has sponsored a bill to increase the amount of Work Opportunity Tax Credit generated by wages paid to qualifying ex-felons. Her bill, known as the Hire for a Second Chance Act of 2016, would increase the maximum qualifying wage from the current $6,000 to $14,000. As a result, the maximum tax credit amount that could be generated by hiring an ex-felon would increase from $2,400 to $5,600. (more…)
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