The Taxpayer Certainty and Disaster Tax Relief Act of 2019 extends the Work Opportunity Tax Credit (WOTC) another year, through December 31, 2020. Empowerment Zone tax benefits, which expired in 2017, have been retroactively renewed for 2018, 2019, and 2020.
Click HERE to read the bill.
Employers take note: The extenders bill would reinstate the employer credit for paid family and medical leave and the work opportunity credit. Both were slated to expire in 2019 but would be re-upped through 2020.
A few additional renewed tax incentives that may interest our readers include:
- Work Opportunity Tax Credit
- Empowerment Zone tax incentives
- Indian employment credit
- American Samoa economic development credit
- Employer credit for paid family and medical leave
Click HERE to read the bill and see the entire list.
The House passed this measure today as part of a year-end spending bill. We expect a Senate vote this week, quickly moving the legislation to President Trump for signature by Friday.
And don’t expect this holiday gift to come without any strings attached: the extenders provisions are expected to add $35 billion to the deficit. Employers claim over $1 Billion in WOTC Tax Credits collectively, each year. Contact WOTC.com for help with getting tax credits for your business.