Thursday afternoon, the Ways and Means Committee finished the House’s markup of the Tax Cut and Jobs act, voting down amendments to add back the Work Opportunity Tax Credit (WOTC) and a number of other specialized tax benefits.
While this is bad news for WOTC proponents, better news emerged from the Senate today. The Senate Finance Committee released its own version of tax reform and it does not include the dreaded WOTC repeal. (more…)
You’re probably already aware of the House’s tax reform proposal, which in it’s current form would repeal the Work Opportunity Tax Credit (WOTC) program. Repeal would be effective 01/01/2018. The draft reform bill was introduced 7 days ago as H.R. Bill 1, the Tax Cut and Jobs Act.
The repeal of WOTC as proposed is wholesale and complete. Here’s the text in its entirety: (more…)