The first month of the new year brought with it the news of the American Taxpayer Relief Act of 2012 being passed by Congress and renewing the Work Opportunity Tax Credit through 2013, and retroactively for 2012. We’re also watching the news for updates on the proposed Hurricane Sandy Tax Relief Act.
WOTC In The News
CMS Tax Credit Service on New Legislation – “Hurricane Sandy Relief Act”
CMS tax credit specialists have been tracking legislation on proposed bill H.R. 152 “Hurricane Sandy Relief Act,” which was approved by the Senate and now goes to President Barack Obama. The amendment makes available $17 billion in emergency funding, including $25 million in funding for ‘Training and Employment Services,’ which will be for the dislocated workers related to Hurricane Sandy.
Senate Dems introduce bill to expand tax credit for hiring veterans
The Senate’s top tax-writer is pressing for the expansion and simplification of a tax credit for businesses that hire veterans. Senate Finance Committee Chairman Max Baucus (D-Mont.) and fellow Montana Democrat Jon Tester have authored legislation that allows employers to claim a $2,400 tax credit when hiring any recently discharged veteran while streamlining the certification process.
Walmart Has Big Plans To Hire Veterans
This week retail giant Wal-Mart made a big promise to veterans. America’s largest private employer is offering a job to any recent military vet who wants one.
Hurricane Sandy Tax Relief Proposed for People & Business impacted
New Legislation proposed for businesses in CT, NJ & NY affected by the tragedy of Hurricane Sandy. On December 9th, 2012 Senator Charles Schumer (D-NY) and Senator Robert Menendez (D-NJ) introduced legislation to reduce taxes for individuals and businesses in the Hurricane Sandy Disaster Areas.
Hurricane Sandy and WOTC
Earlier this week Senators Charles Schumer and Robert Menendez announced comprehensive legislation to reduce the tax burden on those financially impacted by superstorm Sandy in October 2012. The proposal is called “The Hurricane Sandy and National Disaster Tax Relief Act of 2012.”
California Department of Housing and Community Development Releases Proposed Revisions to Enterprise Zone Regulations
On January 11, 2013, the California Department of Housing and Community Development released proposed Enterprise Zone regulations that make substantial revisions to the hiring tax credit voucher application process. The proposed regulations reflect the reforms called for in Governor Jerry Brown’s proposed 2013-2014 budget, which was released on January 10, 2013.
American Taxpayer Relief Act of 2012
Brian Kelly with CMS states that under the new ‘‘American Taxpayer Relief Act of 2012’’, H.R. 8 Senate Amendments. Employment tax credits for employers have been renewed though the end of 2013. Work opportunity tax credit. This bill extends for two years, through 2013, the provision that allows businesses to claim a work opportunity tax credit equal to 40 percent of the first $6,000 of wages paid to new hires of one of eight targeted groups.
Tax Relief Act Passed by House – WOTC Extended through 2013
The American Taxpayer Relief Act of 2012, which passed the Senate early Tuesday morning, and is expected to be signed by President Obama, is a vehicle for a number of regular year-end tax extenders, including the Work Opportunity Tax Credit, through 2013.
Call Now To Sign Up and Save
CMS has helped companies save money on new hires by maximizing tax credits available through the Work Opportunity Tax Credit since 1997. There’s never been a better time to start saving. Call today to speak to a tax credit expert 1-800-517-9099.