In 2020 the state of New Mexico issued 12,582 Work Opportunity Tax Credit certifications.
The Work Opportunity Tax Credit, known as WOTC, is a federal tax credit available to employers who hire individuals from target groups, that include qualified Veterans, individuals on food stamps and more.
The Work Opportunity Tax Credit is available throughout the United States, and in 2020 it was worth approximately $3.8 Billion dollars to employers. 1,620,806 total Work Opportunity Tax Credits were issued in the United States in 2020. WOTC was renewed for five years in 2020, and is active through 12/31/2025.
Nationwide, New Mexico issued 0.78% of WOTC Tax Credits in 2020.
Work Opportunity Tax Credit Statistics for New Mexico 2020:
|WOTC Target Group||Total Credits||Percentage|
|Long term IV-A (TANF)||290||2.30%|
|Veteran unemp. 6 Mo.||233||1.85%|
|Long Term Unemployment||188||1.49%|
|Veteran Receiving SNAP||153||1.22%|
|Designated Community Resident||134||1.07%|
|Veteran unemp. 4 Wk||123||0.98%|
|Disabled Veteran unemp. 6 Mo.||3||0.02%|
In 2020 the state of New Mexico issued 12,582 Work Opportunity Tax Credit certifications, or 0.78% overall.
More about the Work Opportunity Tax Credit’s target groups.
New Mexico WOTC Tax Credit Certification 2014 – 2020:
|WOTC Certifications||Current Pending*||Denials||Total Requests|
*Pending at time of publishing (February 2021). New Mexico is among just three states that do not have a backlog.
About Our WOTC Screening Services
- Why you should use CMS’s WOTC Tax Screening Service rather than doing it yourself.
- Get an idea of how much you could be saving by utilizing the Work Opportunity Tax Credit for your company, try our WOTC Calculator.
- Are you a CPA or tax service provider? Find out how you can become a strategic Business Partner.
Contact Us for More Information or To Get Started Today
In our 23+ years of performing WOTC Screening and Administration we’ve saved millions for our customers.
Contact CMS today to start taking advantage. Call 800-517-9099, or click here to use our contact form to ask any questions.