Improve and Enhance the Work Opportunity Tax Credit Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Overview
This bill, the Improve and Enhance the Work Opportunity Tax Credit Act, extends the existing Work Opportunity Tax Credit (WOTC) through December 31, 2030, and increases the credit amount. It enhances the credit for veterans and family assistance recipients, adjusts the credit for inflation, and introduces new provisions to encourage longer-term employment. The bill also clarifies eligibility rules and promotes hiring of targeted groups in key industries.
Key provisions
- Extends the Work Opportunity Tax Credit through December 31, 2030.
- Increases the WOTC credit for qualified first-year wages, up to a maximum of 50% of wages up to $6,000 for some individuals, and up to 50% of wages exceeding $6,000 for those with 400+ hours of service.
- Includes inflation adjustments to the credit amount, indexed to the cost-of-living.
- Expands the WOTC to include family assistance recipients, with a reduced credit rate.
- Increases the WOTC credit for certain veterans based on their qualifying status.
- Modifies the WOTC for summer youth employees.
- Removes the age limit for family assistance recipients.
- Defines a ‘qualified military spouse’ for WOTC eligibility.
Who is affected
- Employers
- Veterans
- Families receiving family assistance
- Low-income workers
- Small businesses
Notable changes
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13 on record
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