A $2.5 million tax credit grant is making its way to 12 states in order to speed up processing times for Work Opportunity Tax Credit Program certifications!
The work opportunity tax credit (WOTC) program is a federal government initiative designed to increase employment opportunities for people who typically experience certain barriers to employment, such as veterans, public assistance recipients, or ex-felons.
Considering the WOTC has a hiatus date at the end of 2020, this type of funding is a great sign that the program will be added to future tax extender legislation and will be reauthorized. This program has had bi-partisan support since its inception in the Small Business Job Protection Act of 1996, and its referred to as an excellent incentive for businesses of all sizes to hire and stimulate the economy.
Here are the 12 states that will be receiving additional funding to reduce their current backlog of applications:
|California, Indiana, New Jersey and New York||$325,000|
|Connecticut, Kansas, North Carolina and Virginia||$200,000|
|Alaska, Delaware, Idaho and Wyoming||$100,000|