States are reporting big numbers for the 2011 Work Opportunity Tax Credit. In Illinois businesses reportedly hired over 27,000 new employees through the federal tax credit in 2011.
The state of Washington is also reporting that businesses in that state received a record $56 million tax break in 2011. Washington’s Employment Security agency received more than 48,500 work opportunity tax credit applications for the 2011 WOTC credit from 3,192 Washington businesses, a 3-percent increase from 2010. The department approved about 21,850 applications in 2011.
The Work Opportunity Tax Credit provides up to $2,400 in tax savings per worker to businesses that hire military veterans, the disabled, ex-inmates, food-stamp recipients (SNAP) and individuals who receive Supplemental Security Income. Additionally, businesses that hire long-term welfare recipients can save as much as $9,000 per person over two years.
How much could you save?
Based on our experience between 12-20% of all new hires may qualify for the work opportunity tax credit. Click here to calculate your potential savings today.
CMS helps companies of all sizes save money by taking advantage of the Work Opportunity Tax Credit. Call Brian Kelly at 1-800-517-9099 today to see if it makes sense for you.