June 30, 2019 House Panel Approves Bills on Tax Extenders, Expanding WOTC Tax Credits
On June 20, 2019, the House Ways and Means Committee advanced Democratic legislation to extend expired and expiring tax breaks and to expand tax credits that benefit workers, families, and businesses.
The committee passed by a party-line vote of 25-17 a bill to extend through 2020 a host of tax breaks that expired in 2017 and 2018 or will expire at the end of this year.
Congress routinely passes legislation renewing temporary tax breaks, known as “tax extenders,” and lawmakers in both the House and Senate are interested in passing an extenders package this year. The legislation the Ways and Means Committee approved is designed to serve as a starting point in discussions on the topic.
Among other tax credits, the Work Opportunity Tax Credit (WOTC), is of utmost importance – H.R. 3301, “The Taxpayer Certainty and Disaster Relief Act.” The bill would extend for one year a number of incentives scheduled to expire at the end of 2019, including the Work Opportunity Tax Credit. This would extend WOTC and other provisions listed through 2020, which is good news to many struggling business owners.
For more information and assistance with claiming WOTC Tax Credits, contact WOTC.com today.