Federal Incentives |
The federal government offers organizations tax credits and incentives designed to offset federal tax liability for hiring individuals with certain characteristics or those who live in certain targeted federal zones.
GIS offers tax credit management services to help organizations capture the maximum credit potential available based on federal WOTC (Work Opportunity Tax Credits) regulations.
GIS' WOTC tax credit solution is based on capturing the tax credits benefits available from hiring individuals from nine specific target groups. Doing so may provide your organization significant tax relief benefits, potentially earning you up to $9,000 in credits per employee (up to 50% of the employee's wages).
There are nine target groups identified by the federal WOTC program that your applicants may be eligible for:
- Qualified recipients of TANF (Temporary Assistance to Needy Families)
- Qualified veterans who are receiving food stamps
- Veterans entitled to compensation for a service-connected disability who:
i. Were hired within one year of having been discharged or released from active duty OR
ii. Who have been unemployed any 6 of the last 12 months - Ex-felons hired no later than one (1) year after conviction/release
- Designated community residents (ages 18-39) living in federally designated Empowerment Zone, Enterprise Community, or Renewal Community
- Vocational Rehabilitation referrals
- Qualified summer youth (ages 16-17) who reside in a federally designated Empowerment Zone, Enterprise Community, or Renewal Community
- Qualified Food Stamp recipients (ages 18-39)
- Qualified recipients of Supplemental Security Income (SSI) - NOTE: received for physical/mental disability, does not include social security
- Long-term family assistance recipients (formerly WtW)
The amount of the tax credit varies by target group, but can be significant based on the number of hours the employee works and which target group they qualify for. Below are charts detailing the amount of credits that can be captured by hiring employees in certain target groups.
Other Federal Tax Credits Include:
- Empowerment Zone and Renewal Community Tax Relief
- Native American Indian Employment Credit
- Hurricane Wilma, Rita, and Katrina Tax Credits
Contact us today to get started and learn more about the GIS Tax Credits & Incentives difference.