Congress Pushing For Permanent Extension Of The Work Opportunity Tax Credit
Congressman Mike Thompson of California this morningannounced the introduction of H.R. 2213, a bill that permanently extends the Work Opportunity Tax Credit (WOTC) to help certain disadvantaged groups – including public assistance-dependent individuals, qualifying veterans, and persons with a physical or mental disability, among others – find permanent employment.
Synergi Partners has been assisting clients for over 20 years in capturing and processing these credits for our clients and our executive team has been working side by side with congress to push for these permanent extensions. As always we will keep our clients, partners and friends informed of any changes and progress to this bill or any tax incentive bills forthcoming. We thank you for your continued support and loyalty. We have included the full text of todays press release below. If you have any questions please don’t hesitate to contact us at email@example.com.
Alex Macfarlane (Thompson) 202-225-3311
Thompson, Reed, Pascrell, Rice and Suozzi Introduce Bill to Permanently Extend Work Opportunity Tax Credit
Bill expands workforce opportunities
Washington – Today House Ways and Means Select Revenue Measures Subcommittee Chairman Mike Thompson (D-CA), Rep. Tom Reed (R-NY), Rep. Bill Pascrell (D-NJ), Rep Tom Rice (R-SC), and Rep. Tom Suozzi (D-NY) announced the introduction of H.R. 2213, a bill that permanently extends the Work Opportunity Tax Credit (WOTC) to help certain disadvantaged groups – including public assistance-dependent individuals, qualifying veterans, and persons with a physical or mental disability, among others – find permanent employment.
“For more than two decades, the Work Opportunity Tax Credit has proven to be highly effective in ensuring individuals on public assistance can make the transition to private sector jobs. In fact, since the program’s enactment, thirteen million people have benefitted, in turn reducing federal and state government spending,” said Chairman Thompson. “The tax credit is set to expire at the end of this year and I’m proud to introduce my bill to permanently extend this bipartisan, cost-effective program.”
“We care about rewarding work and ensuring everyone has a fair shot to provide for themselves and their families,” said Rep. Reed . “Providing incentives for employers to hire people stuck on the sidelines who have trouble finding a job is essential for many folks in their pursuit of the American dream.”
“I have long advocated for the WOTC program to continue, as it is a proven tool to move eligible individuals off of unemployment and into the workforce,” said Rep. Pascrell . “Most recent data shows the program is remarkably effective, with more than 140,000 veteran hires under WOTC in 2016. Paired with my previous legislation that passed into law in 2015, this bill will allow long-term unemployed individuals, veterans, and those on public assistance programs to find gainful employment and grow our economy.”
“With more jobs available than those seeking employment across the country, we need to bring people from the sidelines of the economy into the workforce,” said Rep. Rice. “Making the Work Opportunity Tax Credit permanent will incentivize employers to hire and retain people who have been struggling to find long-term, meaningful employment opportunities.”
“The Work Opportunity Tax Credit has long provided veterans and individuals from disadvantaged groups support in their search for sustainable employment,” said Rep. Suozzi. “I’m proud to co-sponsor the permanent renewal of this bipartisan program to both ensure diversity in the workplace and facilitate access to good jobs for hardworking Americans.”
The Work Opportunity Tax Credit encourages private employers to hire people on public assistance who might otherwise have barriers to employment, including disabled, unemployed, and food stamp-dependent veterans. Studies show that WOTC saves both state and federal governments at least $85 billion over ten years because it reduces spending on programs like TANF, SNAP, Medicaid, and housing assistance.
Congressman Mike Thompson is proud to represent California’s 5th Congressional District, which includes all or part of Contra Costa, Lake, Napa, Solano and Sonoma Counties. He is a senior member of the House Committee on Ways and Means where he chairs the Subcommittee on Tax Policy. Rep. Thompson is Chairman of the House Gun Violence Prevention Task Force. He is also Co-Chair of the bipartisan, bicameral Congressional Wine Caucus and a member of the fiscally-conservative Blue Dog Coalition.