American Taxpayer Relief Act of 2012 Passes the Senate – WOTC and Other Tax Credits Included
In order to avert the fiscal cliff calamity, in a vote of 89 to 8, the Senate has passed the American Taxpayer Relief Act of 2012. This is the result of the earlier Congressional agreed upon framework discussed on this blog yesterday. Section 309 of The American Taxpayer Relief Act of 2012 includes a two year extension of The Work Opportunity Tax Credit (WOTC) – one year retroactive to cover the current hiatus and one year forward to the end of 2013. Section 327 also includes an extension of the Empowerment Zone Tax Credit and section 304 extends the Indian Employment Credit. The next step is for the House of Representatives to vote on this measure sometime today.
There is no indication yet if the WOTC renewal would include the expanded Veteran eligibility that The VOW to Hire a Hero Act introduced (earlier coverage here) in November of 2011.
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