On February 12, 2009, the President signed into law the American Recovery and Reinvestment Act of 2009 (Recovery Act). This Act introduced two new target groups: (1) Unemployed Veterans and (2) Disconnected Youth. The Small Business and Work Opportunity Tax Act of 2007 (P.L. 110-28) extended the WOTC program through August 31, 2011. This Act and the Tax Relief and Health Care of 2006 (P.L. 109-432) amended certain target group definitions and introduced new provisions that streamline the WOTC program and make it easier for the business sector to participant. The WOTC can now be as much as:
• $2400 generally for each new adult hire,
• $1200 for each summer youth hire
• $4800 for each new disabled veteran hire and
• $9000 for each new long-term TANF recipient hired over a 2-year period.
For more detailed information, please contact your local employment (security) office or the office/agency which handles your unemployment benefits.
Tuesday, May 25, 2010
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