Happy New Year. The federal Work Opportunity Tax Credit will expire tomorrow.
This will be the 6th time that Congress has allowed the credit to expire. In the past five times, the program has operated in hiatus and has been renewed retroactively. Experts currently expect that this will be the case again this year. The first opportunity for an extension through 2012 will come early in the new year as Congress scrambles to extend the payroll tax cut beyond the two-month deal reached earlier this month.
In the mean time, employers will still need to submit their WOTC paperwork on time in order to receive certifications once the program is renewed. The program will also remain in effect during the hiatus for the new veteran WOTC categories passed by Congress in November, which were approved through 12/31/2012.
Be sure to visit WOTCMeansJobs.org to write your representatives and urge them to extend WOTC in a timely manner.