Wednesday Wisdom: The Work Opportunity Tax Credit
Wednesday, May 1, 2024 (12:00 PM - 1:00 PM) (EDT)
Description
Join us for our next Wednesday Wisdom session on May 1st, 2024 at noon, as we welcome Derrick Donnell, Special Projects Supervisor, of the PA Department of Labor and Industry Bureau of Workforce Partnership Operations to tell us about the Work Opportunity Tax Credit!
The Work Opportunity Tax Credit (WOTC) is a federal tax credit available to employers who invest in American job seekers who have consistently faced barriers to employment. Employers may meet their business needs and claim a tax credit if they hire an individual who is in a WOTC eligible group. Employers must apply for and receive a certification verifying the new hire is a member of an eligible group before they can claim the tax credit. After the required certification is secured, taxable employers claim the WOTC as a general business credit against their income taxes, and tax-exempt employers claim the WOTC against their payroll taxes.
The Commonwealth of PA certified 91K WOTC certificates during PY23. 91K WOTC eligible participants provided a tax credit of over 218 million dollars to PA employers that used the program. The number of PA WOTC certificates has increased by 9% each year for the past two program years. During this discussion, employers will learn what groups are eligible to receive the Work Opportunity Tax Credit, how much of a tax credit each group is eligible to receive, and how employers or their tax agents/consultants can access the WOTC program.
Sign up today and bring your most pressing questions to the experts!
Images
, PA United States
Chamber
1