Proposed WOTC Extension: Family and Business Tax Cut Certainty Act of 2012
Building on earlier momentum to pass an extenders bill (see previous coverage here>),
and passing on a vote of 19-5, The Senate Finance Committee today released a summary
of a bi-partisan bill titled “Family and Business Tax Cut Certainty Act of 2012.”
This bill includes a two year extension of the core Work Opportunity Tax Credit (one
year retroactive to cover 2012 and extending through 2013), as well as a one year
extension of the expanded WOTC provisions of the Vow to Hire a Hero Act detailed in
the Returning Heroes and Wounded Warriors tax credits (earlier coverage here).
The Bill also extends the Indian Employment Credit and the Empowerment Zone Tax Credit
as well. No official bill number has been assigned yet.
This is an important step in the process of providing certainty for the tax and hiring
planning of employers across the country. As noted earlier this year by Senator Majority
Leader Harry Reid (D-NV):
“The uncertainty that follows when we allow these to expire and don’t
allow families, small businesses and job creators generally to properly plan is unacceptable
and damaging to our economy.”
Full text of the bill here.
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