Proponents of a permanent Work Opportunity Tax Credit program are ready as the US House of Representatives sends a Continuing Resolution (CR) to the Senate this week. The CR offers temporary government funding and includes a provision to defund Obamacare. The Senate will not accept the OBamacare-defunding provision, which means the CR will be amended and sent back to the House, etc. etc. (more…)
Tag: Larry Hansen
-
PUBLISHED IN
-
Max Shenker, writing for EZPolicyBlog.com, has for the past week been following new enterprise-zone legislation, CA AB 106. This bill attempts to clarify uncertainties stemming from the July legislation that killed California’s enterprise zone program. (more…)
PUBLISHED IN
-
This year has passed too quickly. It’s already September 10th!
Only yesterday it was 4th quarter 2012 and we were perplexed about how Congress would handle (or fail to handle) the many expired tax extenders. For patrons of the WOTC program, the time to sweat has come again. (more…)PUBLISHED IN
-
Last week, the WOTC Coalition’s Paul Suplizio was busy keeping us informed while taking on two peripheral challenges valuable to our effort to make WOTC permanent. In addition to issuing Mr. Suplizio’s “Outlook and strategy” memo, which I have published below, the Coalition has also submitted formal letters to Attorney General Eric Holder and Treasury Secretary Jacob Lew on separate issues that affect the WOTC program. (more…)
PUBLISHED IN
-
No new enterprise zone regulations? That is correct.
Actually, this is good news, all things remaining equal. Now that California’s Enterprise Zone program is set to expire, we have been asking ourselves, “What about the new vouchering regulations?” The last time we heard, they were in their final phases of completion by the Department of Housing and Community Development (HCD).
According to Eric Johnson, spokesperson for HCD, the enterprise zone regulations are now being set aside in anticipation of new tax-incentive programs spelled out by Assembly Bill 93 last week. (more…)PUBLISHED IN
-
It has happened! The enterprise-zone elimination bill has passed the California Assembly and now goes to Governor Jerry Brown, who will most assuredly sign it into law. As I explained in my most recent post, this bill ends the enterprise zone program as of December 31, 2013.
If you are an enterprise zone business owner, however, you need to understand that this legislation allows you to continue generating tax credit on the wages paid to qualifying employees hired before January 1, 2014. These employees may continue to generate tax credit for up to 5 years if they remain employed in the (now former) enterprise zone. Also, you will have up to 10 year to utilize all the credit that already has been (or yet will be) generated under this process.
Now is the time for all enterprise zone businesses to take their last deep breath of enterprise-zone benefits. Maximize your 2013 employee qualifications. Generate as much tax-credit carryover as possible. And prepare to pay much higher taxes when all of your carryover tax credits are finally used up – possibly as long as 5 to 10 years from now.
Sadly, this is now also the time for all the tax credit consultants out there, who have specialized in CA enterprise zone services, to hone their resumes and begin putting their contingency plans into operation.
My clients can be assured that we’re working to maximize their benefits into the foreseeable future. We will be here to support them in the way they have grown accustomed to expect.
Read more in the Merded-Sun Star (more…)PUBLISHED IN
-
The California Senate voted last night to approve Democrat Governor Jerry Brown’s legislation that will eliminate the state’s 29-year old enterprise zone program. While only 27 votes were required, Assembly Bill 93 passed 30 to 9 in favor, with 3 of 11 Republicans joining with Democrats. (There are 40 seats in the California Senate, one of which is currently vacant.) (more…)
PUBLISHED IN
-
California Governor Jerry Brown’s proposals to eliminate and replace the state’s enterprise zone program did not make it into the budget bill, which is scheduled for a vote on Friday, June 14th. Legislative leaders made it clear earlier this week that they did not have the number of votes required to pass the enterprise zone legislation. (more…)
PUBLISHED IN
-
Last Thursday, conservative Republican Representative Ted Poe of Texas introduced the Veterans Back to Work Act of 2013. This act would make the veterans’ part of the Work Opportunity Tax Credit (WOTC) (more…)
PUBLISHED IN
-
On May 22, 2013, the California State Assembly’s Budget Subcommittee #4 held a hearing that explored Governor Jerry Brown’s latest economic tax incentive proposals as they relate to the State’s current enterprise zone program. In my previous post on this subject, based solely on the language published in the Governor’s May 2013 budget revision, I concluded that significant “revisions” were the target. The recent hearing makes it abundantly clear, however, that the words “elimination” and “replacement” better describe Governor Brown’s proposal. (more…)
PUBLISHED IN