Improve and Enhance the Work Opportunity Tax Credit Act

senate

house

president

Legislation Details

Amends the Internal Revenue Code of 1986 to enhance the work opportunity tax credit.
Increases the credit percentage from 40% to 50% for qualified first-year wages up to $6,000.
Provides an additional 50% credit for wages exceeding $6,000, up to $12,000, for individuals who have worked at least 400 hours.
Increases wage limits for qualified veterans, with specific amounts based on their classification.
Adjusts provisions for individuals not meeting minimum employment periods to reflect the new credit percentage.
Modifies treatment of summer youth employees, establishing a 40% credit for qualified first-year wages and different percentages for specific categories.
Changes the credit calculation for long-term family assistance recipients to include a 50% credit for second-year wages.
Removes the age limit for recipients of qualified supplemental nutrition assistance program benefits.
All amendments take effect for individuals starting work after December 31, 2024.

Amends the Internal Revenue Code of 1986 to enhance the work opportunity tax credit.
Increases the credit percentage from 40% to 50% for qualified first-year wages up to $6,000.
Provides an additional 50% credit for wages exceeding $6,000, up to $12,000, for individuals who have worked at least 400 hours.
Increases wage limits for qualified veterans, with specific amounts based on their classification.
Adjusts provisions for individuals not meeting minimum employment periods to reflect the new credit percentage.
Modifies treatment of summer youth employees, establishing a 40% credit for qualified first-year wages and different percentages for specific categories.
Changes the credit calculation for long-term family assistance recipients to include a 50% credit for second-year wages.
Removes the age limit for recipients of qualified supplemental nutrition assistance program benefits.
All amendments take effect for individuals starting work after December 31, 2024.