Washington, D.C. – U.S. Senator Catherine Cortez Masto (D-Nev.) today cosponsored the Work Opportunity Tax Credit & Jobs Act, legislation to make permanent the Work Opportunity Tax Credit (WOTC), which encourages employers to hire individuals who face significant barriers to employment. Currently, the WOTC expires on December 31, 2019.
“Too many Nevadans are struggling to secure good-paying, stable jobs, especially vulnerable populations like our veterans. Making this tax credit permanent is a critical step we can take to help Nevadans overcome the challenges they face in searching for jobs. I’m proud to support legislation that will help bring economic stability to Nevada’s workers and families.”
In addition to Senator Cortez Masto, Senators Ben Cardin (D-Md.), Rob Portman (R-Ohio), Roy Blunt (R-Mo.), Sherrod Brown (D-Ohio), Bill Cassidy (R-La.), Bob Menendez (D-N.J.). Maggie Hassan (D-N.H.) and Martha McSally (R-Ariz.) also supported this bill.
BACKGROUND:
The Work Opportunity Tax Credit provides an employer tax credit of between $1,200 and $9,600 per employee for hiring and retaining individuals that are part of certain targeted groups that have a difficult time finding work, or are often out of the labor force altogether. The credit amount is based on the qualified wages paid to those employees within the targeted groups. These targeted groups include: veterans, long-term unemployed, ex-felons, the disabled, summer youth employees, and Temporary Assistance for Needy Families, Supplemental Nutrition Assistance Program, and Supplemental Security Income recipients.
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