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…)
Deadlines Looming, WOTC Coalition Asks Treasury Department to Extend Transition Relief for 90 More Days
Paul Suplizio, President of the the Work Opportunity Tax Credit Coalition has authored an official letter to the Department of Treasury urging the Department to extend the time period granted for WOTC applications under Transition Relief.
IRS Notice 2016-22 provides Transition Relief for employers needing more time to process WOTC applications for employees hired in 2015 and early 2016. This relief was necessary because of Congress’ long delay in reauthorizing the WOTC program after it expired on December 31, 2014. (more…)
Paul Suplizio, President of the Work Opportunity Tax Credit Coalition, announced this morning that the IRS has released Notice 2016-22 providing for WOTC Transition Relief. I believe Paul but so far, I am unable to find the documents online. Perhaps they’ll show up later today. (more…)
Last night the House of Representatives passed a massive $1 trillion spending bill, after which House members began skipping town. Unfortunately, the spending bill was viewed as the final hurtle to jump on members’ way to Christmas vacation.
With the House no longer in session, the Senate is left with the option of passing HR 5771 (tax extenders) as it was originally delivered by the House or simply letting it die. Amendments to the bill would require it to go back to the House for approval but that is no longer an option. (more…)
Tonight, I am passing along observations from Paul Suplizio about the US Senate’s progress towards a tax-extenders bill. Additional action on the floor is anticipated by Thursday. So far, however, Democrat and Republican Senate Leaders have not revealed the nature of any agreements they might have reached. (more…)
Today, the U.S. House of Representatives is expected to vote on (and pass) HR 5771– the Tax Increase Prevention Act of 2014. This will be Congress’ first solid step in some time toward passage of tax extenders. HOWEVER, in its current form the bill’s provisions fall short of expectations. (more…)
If you have been following WOTC in the news lately, there hasn’t been much to follow. The political process has been occupied elsewhere. You might, however, have notice a few interesting odds and ends. (more…)
With the support of Republican ranking member, Orin Hatch of Utah, Senate Finance Committee Chairman Senator Ron Wyden of Oregon has presented an amendment to included the EXPIRE Act in the Senate’s highway bill. The EXPIRE Act would renew the Work Opportunity Tax Credit (WOTC) and dozens of other tax extenders through 2015.
Paul Suplizio of the WOTC Coalition reports this morning that the Senate Finance Committee has adjourned for the Independence Day recess without a vote on the bill.
Between now and when the Senate reconvenes after July 7th, Senators Wyden and Hatch will be seeking a bipartisan agreement on the bill. According to Mr. Suplizio, the probability is high that EXPIRE will be a part of the bill when it comes before the Senate. (more…)
The following update from Paul Suplizio, President of the WOTC Coalition, outlines a very time-limited potential opportunity to get WOTC back on track for 2014. To have any impact, WOTC supports will need to act promptly. Congress will wrap up its business and leave town by the end of this week for the Independence Day recess. (more…)
Earlier today, the US Senate voted overwhelmingly (96 for, 3 against) to take up HR 3474, the Expiring Provisions Improvement Reform and Efficiency (EXPIRE) Act.
This procedural vote of cloture means that a final vote on the bill may be coming soon. In the mean time, amendments will be considered and negotiations concluded. We anticipate a vote on the floor of the Senate as early as this week. (more…)