MONTGOMERY – Alabama Department of Labor Commissioner Fitzgerald Washington announced today that nearly 33,000 Work Opportunity Tax Credit (WOTC) certifications, representing a potential $85,932,400 in tax credits, were released in January by the Department to participating employers due to Congressional re-authorization of the WOTC program.
The WOTC program is a federally-funded program that provides incentives to businesses to hire individuals who have historically faced barriers to employment. Examples of WOTC eligible employees include: Temporary Assistance to Needy Families (TANF) recipients, Food Stamp recipients, youth, ex-felons, Supplemental Security Income recipients, veterans and those with disabilities, among others.
“These tax credits not only provide employers with an incentive to fill their open positions, but they also provide those who have struggled with finding gainful employment an opportunity to be productive citizens and care for their families,” said Washington. “Additionally, these credits mean that $85 million dollars is now circulating in Alabama’s economy, allowing for additional hiring and the purchase of goods and services.”
Approximately $112 million was released for the whole of 2015, putting 2016 on track to be a banner year for WOTC tax credits.
Additional information regarding the WOTC program is available at http://labor.alabama.gov/wotc/default.aspx.
