The state of Washington Employment Security Department reports that Washington employers earned a record of $82 Million in federal tax credits in 2013.
The Work Opportunity Tax Credit is an incentive for employers who hire military veterans, the disabled, ex-inmates, SNAP (food stamp) and welfare recipients and individuals receiving Supplemental Security Income. The tax credit ranges from $2,400 -$9,600 depending on the eligibility category of each new hire.
“Everybody deserves a chance to earn a living,” said Employment Security Commissioner Dale Peinecke. “The Work Opportunity Tax Credit provides the leg up some workers need to breakthrough and land a job.”
In 2013, food-stamp recipients represented 73 percent of all certifications. Welfare recipients and veterans were another 16 percent and 6 percent, respectively.
Renewal
The Work Opportunity Tax Credit Program officially expired at the end of December 2013, but Congress historically has reauthorized the program retroactively to the date of expiration.
“We don’t know if or when Congress will extend the program, but we encourage employers to continue to submit applications for eligible new hires within the 28-day window,” said Peinecke. “We’d hate for employers to miss out on tax incentives they’ve earned.”
Call Now To Sign Up and Save
CMS has helped companies save money on new hires by maximizing tax credits available through the Work Opportunity Tax Credit since 1997. There’s never been a better time to start saving. Call today to speak to a tax credit expert 1-800-517-9099.