Work Opportunity Tax Credit is Redefined
Central Louisiana Chamber of Commerce, Alexandria, Louisiana, July 1, 2009 --The Chamber received a letter from U.S. Congressman Rodney Alexander announcing that terms of the Work Opportunity Tax Credit (WOTC), established in 2007, were recently redefined to include any veteran who was discharged or released from active duty in the U.S. Armed Forces during the past five years; and, for at least four weeks during the past year, received unemployment compensation. The WOTC is extended to veterans who meet these criteria through January 1, 2011.
The WOTC allows for business to receive a tax credit in exchange for employing individuals who fall into 12 targeted groups and is available to all businesses, regardless of size. The fist step to receive certification that a new employee qualifies the employer for this tax credit is to complete page one of IRS Form 8850.
In the letter Congressman Alexander states: “I urge you to take an active role in advancing the future of those brave men and women who served this great nation. These individuals made sacrifices to protect the freedom that we value most.”