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Work Opportunity Tax Credits: What Are They And How Can They Help California Businesses
The flagging economy has hit local cities very hard. There are sharply rising unemployment numbers as companies cut back on labor due to reduced product demands. In the state of California, the state has recognized forty-two enterprise zones. These zones are in economically challenged areas. The state of California wants to bring businesses back to these struggling areas, and in order to do this the state offers work opportunity tax credits for companies located within any one of the enterprise zones.
What are work opportunity tax credits?
As offered by the state of California, work opportunity tax credits are hiring tax credits. In order to encourage businesses in enterprise zones to hire individuals that often are at a disadvantage when looking for work, an enterprise zone hiring tax credit of up to $13,000 per qualifying employee may be available to your business.
Employees at the time of hire will need to fall into one of a list of categories of eligible employees in order for your company to qualify for this hiring tax credit. People who have been unemployed or have received assistance in the form of food stamps and others would be eligible. With big cuts to financial services jobs in California, high unemployment rates in certain areas have been a dramatic side effect. These highly trained individuals could be an excellent addition to your enterprise zone company, and they may also qualify you for enterprise zone hiring tax credit.
Work opportunity tax credits, also known as wotc california, may also be available when you hire military personnel. There are tax credits for hiring veterans available through the state of California, especially for disabled veterans and those who have been eligible to receive food stamps. Veterans often have a hard time finding employment when they retire from active military service, so if you can offer them employment the state will reward you with work opportunity tax credits.
Wotc California will also apply when your company hires from groups that are often underemployed. This would include Native Americans, Pacific Islanders, disconnected youth as well as summer youth hires and qualifying ex-felons meeting preset conditions.
It is important to remember that these are annual wotc California tax credits, so they can accrue to a substantial amount as the years go by and you provide employment to your employees. The hiring tax credit not only helps your business, but also helps the local economy of a distressed area to grow. For reliable information about the enterprise zone hiring tax credit, contact a knowledgeable certified public accountant.
About the Author
Wayne Hemrick writes about–work opportunity tax credits.
www.California-jobs.info
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