More than $200 million in tax credits will be awarded to thousands of Ohio employers, as a result of Congress’ recent reauthorization of the federal Work Opportunity Tax Credit (WOTC) program.
WOTC is a federal tax incentive program for employers that hire individuals with significant barriers to employment. Tax credits range from $2,400 to $9,000, depending on the barrier and the length of time a qualifying individual is employed. WOTC credits are available for hiring veterans, food assistance recipients, cash assistance recipients, ex-offenders, individuals with disabilities and others.
“This is wonderful news,” said Ohio Department of Job and Family Services (ODJFS) Director Cynthia C. Dungey. “The WOTC program helps Ohioans get back to work, and Ohio businesses grow. I’m thankful that Congress reauthorized the program, and I encourage all Ohio employers to consider taking advantage of it.”
Ohio employers filed more than 170,000 WOTC applications in 2014. While Congress has yet to authorize the program for 2015, ODJFS encourages employers to continue submitting applications. Historically, Congress has reauthorized the tax credit program each year.
Ohio employers can apply for WOTC certification and learn more about the program athttp://www.jfs.ohio.gov/wotc.