At the end of 2015, President Obama signed into law the Omnibus Spending Bill H.R. 2029 and the PATH Act (Protecting Americans from Tax Hikes Act of 2015), which gave businesses a significant opportunity to benefit from a variety of major federal tax incentives to implement various hiring, training, and investing practices.
The Work Opportunity Tax Credit (WOTC) is designed to encourage employers to hire and retain individuals from various target groups, including veterans of war, welfare recipients, and the newly added “long-term unemployed” category, among others. Extended for five years through 2019, this program enables businesses to qualify for a tax credit of up to $9,600 per eligible employee for the first year of employment.
