After a flurry of last-hour compromise, the the Tax Cuts and Jobs Act (aka Republican tax reform bill) was finalized on Friday. At about 5:30 PM Eastern, an updated copy of the bill was released to the public (see Business Tax Reform, Section E (4).)
The pic below is from the the Business Tax Reform section, subsection E(4) dealing with the proposed repeal of the Work Opportunity Tax Credit. While indicating that the House Bill would have repealed the tax credit, it also states that the Senate bill had no such provision. More importantly, “The conference agreement does not follow the House bill provision.”
Excerpt from Final Legislation
United States Senate Chamber
Saturday just before 2:00 AM Eastern, the Senate voted to pass its version of the Tax Cuts and Jobs Act. The Senate’s bill remains silent on the Work Opportunity Tax Credit (WOTC), which the House version seeks to repeal.
In this circumstance, silence is golden if you prefer that the WOTC program remain in place.
A draft of the proposal was leaked to Bloomberg on Saturday. You can read it here. To satisfy my own skepticism, I searched the 479 page bill for key words that could reference the WOTC program. I also read every instance found in the document of the word “repeal.” It’s clean. None of them refer to the WOTC Program.
The next phase will involve House and Senate appointees getting together to hash out their differences. If you support keeping the WOTC program alive, this is your last opportunity to contact members of Congress about this issue.