WOTC Will Be Renewed
As part of the effort to avoid the “fiscal cliff,” Congress has agreed on a measure, The American Taxpayer Relief Act of 2012 (full text here), that extends the Work Opportunity Tax Credit (WOTC) though the end of 2013. The WOTC extension is also retroactive to the beginning of 2012 to cover the current hiatus that began on Jan 1 2012. The measure also includes a retroactive extension of other federal hiring credits – both the Federal Empowerment Zone and Indian Employment Credits. This positive result will create certainty for employers as they plan their tax and business strategies going forward.
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