Photography by Magda Ehlers.
After a long weekend and late nights of negotiations, Congress has agreed upon an end-of-year tax package that includes long-awaited tax extenders.
The Taxpayer Certainty and Disaster Tax Relief Act of 2019 extends the Work Opportunity Tax Credit (aka WOTC) another year, through December 31, 2020. Empowerment Zone tax benefits, which expired in 2017, have been retroactively renewed for 2018, 2019, and 2020.
A few additional renewed tax incentives that may interest our readers include:
- Work Opportunity Tax Credit
- Empowerment Zone tax incentives
- Indian employment credit
- American Samoa economic development credit
- Employer credit for paid family and medical leave
- Excise tax reductions on beer, wine, and other distilled spirits
Click HERE to read the bill and see the entire list.
The House passed this measure today as part of a year-end spending bill. We expect a Senate vote this week, quickly moving the legislation to President Trump for signature by Friday.
