From the Franchise Tax Board’s recent News Flash dated December 27, 2013.
The New Employment Credit begins January 1, 2014. One requirement for the credit is that a taxpayer be engaged in a trade or business within a designated geographic area (DGA). Use the DGA Mapping Tool to determine if a location is in a DGA. You can access the map from the New Employment Credit page.
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If you live or work in Iowa, perhaps you had a chance yesterday to hear from Representative Bruce Braley, an Iowa Democrat who traveled the state on Wednesday campaigning for a permanent renewal to the Work Opportunity Tax Credit.
Based on statements from Representative Braley’s office, his message revolves primarily around WOTC’s military veteran target groups. (more…)
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Paul Suplizio, President of the WOTC Coalition has been keeping us up to date on hour to hour developments. Without further comment, I’m posting his update from early today. If you support renewal of the Work Opportunity Tax Credit, now is the time to exert your influence with your Senators. (more…)
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Dear friends and associates.
Many of us have been involved with the Work Opportunity Tax Credit (WOTC) for years, even decades. We are experts. We’ve seen it succeed while noting its shortcomings and its gradual refinement over time. (more…)
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According to a recent article in The Gazette of eastern Iowa, US Senator Chuck Grassley of Iowa predicts that many tax extenders will be renewed in 2014. Senator Grassley is the Senior Republican member on the Senate Finance Committee. (more…)
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Efforts to date have failed to include an extension of the Work Opportunity Tax Credit (WOTC) in any doc-fix legislation. The Senate Finance committee has turned away efforts to include WOTC in the proposed doc-fix reform bill. While the reform bill awaits further revision, it will not be voted on until 2014. In the mean time, a temporary doc-fix patch-up measure is expected to pass this week. (more…)
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It appears the opportunity for a general tax extenders bill has expired for 2013. With a contentious election year approaching, the nation will likely wait until 2015 before Congress takes up the issue — after the 2014 elections. This is truly unfortunate given that almost 60 tax provisions expire on December 31, 2013. Here’s the entire list, published by the Joint Committee on Taxation. The Work Opportunity Tax Credit (WOTC) is one of the expiring provisions. (more…)
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The National Journal reported yesterday:
Legislators on Thursday unveiled a bicameral, bipartisan proposal to repeal and replace the sustainable growth rate formula, which determines Medicare payments for physicians. One expert called it “above and beyond” anything else he’s ever seen.
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California Governor Jerry Brown signed legislation in July that repealed the state’s Enterprise Zone program (and all of the state’s other Economic Development Areas (EDA) programs). Additional “clarifying” legislation was signed in September, outlining an orderly demise for the programs. (more…)
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It is true that more important issues are currently before Congress. Nevertheless, our fiscal problems are leading Congress and the White House to an eventual sit-down meeting to hash out their very difficult differences. When that happens, current scenarios suggest WOTC will be included in that discussion. (more…)
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