Topic: Work Opportunity Tax Credit

Tennessee Businesses Save Millions With Employer Tax Credit

November 27, 2017 |

Tennessee Will Issue a Record-Breaking Number of Work Opportunity Tax Credits in 2017

Nashville, TN – The Tennessee Department of Labor and Workforce Development (TDLWD) continues to issue a record number Work Opportunity Tax Credits (WOTC) to business owners across the state. 

A streamlined, modernized application process makes it easier for employers to take advantage of this beneficial tax credit.

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Tennessee on Pace to Break Record with Employer Tax Credits

July 11, 2017 |

Tennessee Could Possibly Double the Number of Tax Credits Approved in 2016

Nashville, TN – Tennessee Department of Labor and Workforce Development (TDLWD) Commissioner Burns Phillips announced today that the department’s Workforce Services Division marked a milestone in June after issuing more than $215 million of Work Opportunity Tax Credits (WOTC) to employers across the state.

2017 is on pace to be a record-breaking year for the WOTC program in Tennessee.

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IRS says Employers Hiring Veterans by Year’s End May Get Expanded Tax Credit

November 13, 2012 |

Washington, D.C. – Employers planning to claim an expanded tax credit for hiring certain veterans should act soon, according to the IRS. Many businesses may qualify to receive thousands of dollars through the Work Opportunity Tax Credit, but only if the veteran begins work before the new year.

Here are six key facts about the WOTC as expanded by VOW to Hire Heroes Act of 2011.

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Veteran Tax Credits Extended and Increased in Scope

February 8, 2012 |

Law Encourages Businesses to Hire Vets and Helps Vets Find Work

Nashville, TN – The Vow to Hire Heroes Act of 2011 amends and expands definitions of the veteran target groups for employers hiring veterans through the Work Opportunity Tax Credit program.

“The Vow to Hire Heroes Act provides tax incentives for employers to hire both short-term and long-term unemployed veterans and affords larger tax credits for hiring certain categories of veterans,” said Labor & Workforce Development Commissioner Karla Davis. “The extension of the veterans’ category of the Work Opportunity Tax Credit is a needed strategy to increase employment opportunities for veterans and to reduce the unsatisfactorily high unemployment rate of veterans.” «Read the rest of this article»

IRS offers tax credit guidance to businesses hiring unemployed veterans and certain youth

May 29, 2009 |

Washington — Businesses planning to claim the newly-expanded work opportunity tax credit (WOTC) for eligible unemployed veterans and unskilled younger workers hired during the first part of 2009 have until Aug. 17 to request the certification required for these workers, according to the Internal Revenue Service.

Newly-revised Form 8850, now available on IRS.gov, is used by employers to request certification from their state workforce agency. The American Recovery and Reinvestment Act, enacted in February, added unemployed veterans returning to civilian life and “disconnected youth” to the list of groups covered by the credit. Though eligible unemployed veterans and disconnected youth who begin work anytime during 2009 or 2010 may qualify a business for the credit, certification by the state workforce agency is required. «Read the rest of this article»

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