GIS | Tax Credit and Incentives

The May 25th passage of H.R. 2206 marked some significant changes for companies currently benefiting from local and federal issued tax credits, immediately launching WOTC (Work Opportunity Tax Credit) renewal through August 31st, 2011, as well as other program enhancements. Some of these include: expanded qualified veterans target group increasing first year wages to $12,000, change from “high-risk youth” target category to “designated community residents” from 25 to 39 (also expanded to include rural renewal county residents), expanded definition of vocational rehabilitation referral, and addition of a provision allowing business tax credits to generally offset alternative minimum tax liability (AMT).