The San Antonio Business Journal reports that employers in the state of Texas may be able to save up to $154 million in tax savings with the WOTC.
The Texas Workforce Commission is notifying private employers throughout the state that they may be able to reduce their federal income liability by as much as $154 million if they have hired employees from qualified targeted populations.
Employers filing their 2008 taxes can take advantage of an estimated $154 million in income tax savings by utilizing the Work Opportunity Tax Credit (WOTC). It is a federal income tax credit that is available to private for-profit employers. Businesses have to apply for certification through the Texas Workforce Commission to claim qualified employees on their income taxes. All applications must be postmarked no later than 28 days from the worker’s start date.
Companies can earn credits up to $2,400 per employee. Employers will be able to claim the credit on their business taxes. The tax credit is designed to encourage employers to hire new employees from nine targeted groups of job seekers who may face barriers to employment.
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To speak with a CMS WOTC Representative, or find out about the Work opportunity Tax Credit Savings in your state, please call us at 1-800-517-9099 and ask for Brian, or send an email.
Click here to download the WOTC brochure for more information.