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.
The current law does not distinguish long-term unemployment recipients based on the age of the worker. Under this proposal, however, the wage basis and tax credit amount generated would not change for long-term unemployment recipients who are younger than age 55.
The Investing in Older Workers Act also proposes an annual adjustment for inflation that would increase the $14,000 wage basis by increments of $50 as inflation raises the cost of living.
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