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Tax Credit Programs
The Work Opportunity and Welfare-to-Work Tax Credits:
The Work Opportunity Tax Credit (WOTC) created in 1996 and the
Welfare-to-Work Tax Credit (WtWTC) created in 1997, are
incentives that the Congress provides to private-sector employers
for hiring economically disadvantaged individuals with significant
barriers to employment,
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who are members of 10 targeted groups including, long-term welfare recipients.
As employers participate in these two tax credits they find out that:
- it is the employer who makes the hiring decision;
- there are no restrictions on the number of qualified new individuals he/she can hire;
- they can claim up to $8,500 in potential tax credits;
- the credits are applied to taxes due to the Internal Revenue Service, and unused tax credits may be carried over to the next tax year.
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