Maybe you’ve heard that the Work Opportunity Tax Credit (aka WOTC) is slated to expire on December 31, 2019. And that makes you nervous.
But should it?
Forty years of productive history suggest that WOTC will still be around for years to come.
WOTC is part of the U.S. tax code. Like dozens of similar code provisions, Congress wrote it in a way that requires them to revisit the program from time to time. The upcoming expiration date signals that the moment has arrived again.
Has it happened before? Yes. Many times.
No. I am not thinking about ice cream. Well, maybe I am. But with all this talk about the Work Opportunity Tax Credit program, one wonders…. “Has the life of this program always been so volatile?”
“Why, yes,” you say, “it has.”
WOTC is currently slated to expire on December 31, 2011. A quick review of WOTC’s legislative history, however, demonstrates that it has already expired and been renewed 8 times since it’s creation in 1996. The New Hampshire Employment Security Department has published a convenient history of the program’s history. I summarize the following from their document. (more…)