Tennessee employers taking advantage of the Work Opportunity Tax Credit (WOTC) program achieved a record high in potential federal income tax savings during the fiscal year that ended in September 2012, announced Burns Phillips, acting commissioner for the Tennessee Department of Labor & Workforce Development. Last year the department issued 64,300 WOTC tax credit certifications to Tennessee employers, representing a potential federal income tax savings in excess of $232 million.
Andy Agnew, who since 1978 has been the owner of Investors of West Tennessee that has four Popeyes Chicken businesses and one Moe’s Southwest Grill in Jackson, said the application process for tax credits is simple and easy to use. “Employers need to know this program exists and how much money it represents that comes back to their bottom line,” said Mr. Agnew. “I strongly encourage employers to take advantage of the tax credit program. I tell small business people all the time they’re leaving money on the table if they don’t apply for potential tax credits.”
The Work Opportunity Tax Credit (WOTC) is a Federal tax credit incentive for employers hiring individuals from certain target groups who have consistently faced significant barriers to employment.
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Washington businesses earned $66 million in WOTC tax credits