The Workforce Services Division of the Tennessee Department of Labor and Workforce Development is on track to issue a record number of work opportunity tax credits to employers across that state.
From Jan. 1 through Oct. 31, the department issued 71,336 WOTC certifications, which represents a potential tax savings to Tennessee employers of more than $159 million. The state expects to issue between 95,000 and 100,000 certifications during 2016, which equal more than $212 million in potential tax savings for employers across Tennessee.
“This tax credit can really impact the bottom line of an employer, while helping an individual who is struggling to find meaningful employment. It is a win-win situation for everyone,” said TDLWD Commissioner Burns Phillips.
Targeted groups include long-term unemployed, veterans, SNAP recipients, ex-felons, persons in vocational rehabilitation, Social Security insurance recipients, Temporary Assistance for Needy Families recipients, as well as several other groups.
How Much We Save Employers
CMS has worked with WOTC since 1997 (next year is our 20 year anniversary) and we have found over the years that on average 10-15% of employees can fall into one of the tax credit categories that qualify for a tax credit. The average credit received is $2,000 per qualified individual. This can be up to $9,600 depending on the category. 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.
Read more: Tennessee employers save millions with tax credit
