Work Opportunity Tax Credit (WOTC) by the Small Business and Work Opportunity Act of 2007 extends the WOTC Program through August 31, 2011. The WOTC has two purposes:
1. To promote the hiring of individuals who qualify as a member of a target group;
2. To provide a federal tax credit to employers who hire these individuals.
An employer may qualify for a tax credit of up to $9,000 if the employee is a member of a designated target group and meets that group's specific requirements. |