Last week, on August 5th, the Senate Finance Committee reported its version of the 2015 tax extenders bill, S 1946, The Tax Extension Relief Act of 2015.
“The Committee on Finance, having considered an original bill, S. 1946, to amend the Internal Revenue Code of 1986 to extend certain expiring provisions, and for other purposes, reports favorably thereon without amendment and recommends that the bill do pass.”
This bill would authorize the Work Opportunity Tax Credit for 2 additional years, retroactively beginning January 1, 2015. It would also extend WOTC to cover a new target group — long-term unemployment recipients.
“The term ‘qualified long-term unemployment recipient’ means any individual who is certified by the designated local agency as being in a period of unemployment which (A) is not less than 27 consecutive weeks and (B) includes a period in which the individual was receiving unemployment compensation under State or Federal law.’’
That sounds simple enough. It will still be some time before we find out where the House of Representatives will stand on the issue.
Here’s the Senate Finance Committee’s page to track this legislation. Click through to find the legislative text, the Committee’s Report, and other items.