There had been proposals to repeal the
work opportunity credit and the credit for plug-in electric drive motor vehicles, but these proposals were not enacted.
Work opportunity credit has been extended through 2019 (Code Secs.
The first type of credits the flowchart lists, "Other passive activity credits," includes common business credits, such as the
work opportunity credit, credit for increasing research activities, and the credit for employer Federal Insurance Contributions Act (FICA) taxes paid on certain tips.
As of this writing, the
Work Opportunity credit has expired but is expected to be extended.
However, to qualify for the credit, employers must establish that the veteran they hired is a member of a targeted group that qualifies for the credit, by obtaining a Form 8850, Pre-Screening Notice and Certification Request for the
Work Opportunity Credit, from a designated local agency (a state employment security agency).
The
Work Opportunity credit relates to hiring workers from disadvantaged or disabled populations, including ex-felons.
A Tax Refund from Business Tax Credits--The general business credit is an overall limitation on many business-related tax credits, such as the
work opportunity credit, research credit and credit for small-employer pension plan startup costs.
The
Work Opportunity credit is a federal credit that gives employers a tax break for hiring certain jobseekers.
General business tax credits include the research credit, low-income housing credit, and the
work opportunity credit.
Expenses must be to enable eligible small business to comply with the ADA
Work Opportunity Credit (Form 5884/8850) and provides employers with an incentive to hire people with special employment needs.
For purposes of the
work opportunity credit, a tax credit of 40% of first-year wages to an eligible employee up to $6,000, there is a new category of targeted (eligible) employee: Hurricane Katrina employee.
3768 would allow the
work opportunity credit to be claimed for wages paid to an employee who had a principal place of abode in the Hurricane Katrina disaster area on August 28, 2005, who is being hired for a position in the area, and who begins working during the two-year period beginning on August, 29, 2005.
