After the state of Tennessee reported their record-breaking year last week, we reached out to them for some more information. The state reports the following statistics over the past five years:
|Year||Number of Certifications||Tax Credits||Average Tax Credit|
WOTC had expired at the end of 2014, and was “on hiatus” during 2015. There was an eight month look back period in 2016, which accounts for the huge jump in application numbers from 2015 to 2016.
The high average tax credit may reflect a lot of qualified veteran categories, or TANF recipients qualifying for a 2-year credit.
How Much We Save Employers
CMS has worked with WOTC since 1997, and we have found over the years that on average 10-15% of all new employees can fall into one of the tax credit categories that qualify for a tax credit. The average credit received is between $1,500 – $9,600 per qualified new hire depending on the target group. Some of our customers have saved a phenomenal $100,000 in a single year.
How Much Can We Save You?
To find out your potential savings, please see our WOTC Calculator. There’s never been a better time to learn about WOTC. Please contact us at 800-517-9099 to speak to a Work Opportunity Tax Credit expert today.