Nationwide Application: Creating Jobs, Retaining Employees

The concept of Hiring Credits & Incentives was born out of the recognition that fostering employment opportunities benefits both businesses and individuals. By encouraging businesses to hire individuals from various target groups who may face barriers to employment, the government is directly contributing to retaining or retraining the workforce.

The primary goal remains consistent: to foster job creation, support economic growth, and provide a win-win solution for both employers and potential employees.

Creating Jobs, Retaining Employees: Whether you're a small business looking to expand or a large corporation aiming to optimize your workforce, being aware of the Hiring Credits & Incentives available to you, provides the tools needed to achieve your goals. 

Here are some of the Hiring Credits & Incentives that could apply to you: 

Work Opportunity Tax Credit (WOTC): The Work Opportunity Tax Credit offers incentives for hiring individuals from targeted groups who often face employment barriers. This credit allows eligible employers to claim a tax credit based on a percentage of the wages paid to qualified employees.

Eligibility:

• Hiring individuals from target groups such as veterans, recipients of government assistance, and ex-felons.
• Employment for a specific period following the hiring date.

State Hiring Tax Credits: Many states offer their own versions of hiring tax credits to encourage job creation within their jurisdictions. These credits vary by state and may target industries, geographic areas, or specific employee demographics.

Eligibility:

• Complying with state-specific eligibility criteria.
• Meeting requirements related to job creation and employee demographics.

Federal Empowerment Zone Tax Credits: The Federal Empowerment Zone Tax Credit provides incentives for employers hiring employees who reside in 30 designated empowerment zones or rural renewal counties. These areas are identified by the federal government as needing economic revitalization.

Eligibility:

• Hiring employees who live and work within designated empowerment zones or rural renewal counties.
• Offering full-time employment for a specified duration.