Senator Hassan Cosponsors Bipartisan Legislation to Make Work Opportunity Tax Credit Permanent
WASHINGTON – Senator Maggie Hassan cosponsored bipartisan legislation– the Work Opportunity Tax Credit & Jobs Act – to make permanent the Work Opportunity Tax Credit, which encourages employers to hire individuals who face significant barriers to employment. Currently, the Work Opportunity Tax Credit expires on December 31, 2019.
“With unemployment at a record low in New Hampshire, any Granite Stater who is willing to work hard should be able to enter the job market and secure a stable, good-paying job,” Senator Hassan said. “Making permanent the Work Opportunity Tax Credit is a commonsense measure to help some of our most vulnerable communities obtain employment, which will allow them to contribute to our shared economic success.”
The Work Opportunity Tax Credit is an employer tax credit for hiring and retaining individuals who are part of certain groups representing populations that have a difficult time finding work, or are often out of the labor force altogether. The credit amount is based on the qualified wages paid to those employees within the groups. Qualifying groups include: veterans, the long-term unemployed, workers who experience disabilities, summer youth employees, and individuals who receive Temporary Assistance for Needy Families, Supplemental Nutrition Assistance Program benefits, and Supplemental Security Income.
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