Work Opportunity Credit

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Work Opportunity Credit

A tax credit a business owner was able to receive in 2009 and 2010 for hiring an unemployed or semi-employed veteran or young person. To be eligible for the credit, the veteran must have been discharged sometime in the five years previous to hiring and must have been on unemployment insurance for at least four weeks in the year prior to hiring. Likewise, a youth must have been between 16 and 24, a high school dropout without a GED and either unemployed or employed at a job in which he/she earned less than he/she would have working for minimum wage for 30 hours a week.
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General business credits include almost all of the tax credits that are related to business including investment credits, work opportunity credits, research credits, low income housing credits, and others.
This was primarily due to the fact that legislation to retroactively extend Work Opportunity Credits for 2006 was not passed in the second quarter, as was originally expected.
Incentives to encourage business to invest in 40 Renewal Communities (8 must be rural) would include extension of expensing of environmental remediation costs and provision of work opportunity credits for hiring youth residing in these communities.
Work Opportunity Credits provide businesses up to $2,400 against their Federal tax liability for each employee hired from groups with traditionally high unemployment rates or other special employment needs, including youth who live in Jacksonville's Empowerment Zone.
Work Opportunity Credits provide businesses located with Empowerment Zones up to $2,400 against their Federal tax liability for each employee hired from groups with traditionally high unemployment rates or other special employment needs, including youth who live in the EZ.