Cost Management Services Sage Abra HRMS and iRecruit in the News

Wednesday, August 05, 2009

Brian on the new tax credit categories

Based on our statistic’s from 1998 – 2008 15% of new hires qualified to receive tax credits under our WOTC services, now with the high risk youths expanding to the new targeted SNAP groups and age expanding from up to 25 years of age, to up to 40 years of age, and the new Unemployed Veteran and Disconnected Youths (see below) we are seeing our trend increasing to 25% of new hire qualifying under the WOTC program. This is a big number considering the average value of each qualified employee is $2,400.00.

 

On February 17, 2009, the President signed into law the American Recovery and Reinvestment Act of 2009 (Recovery Act). The Recovery Act introduced two new target groups: 1) Unemployed Veterans and 2) Disconnected Youth, who begin work for an employer during 2009 or 2010.

Unemployed Veteran - a veteran who has been discharged or released from active duty in the Armed Forces at any time during the 5-year period ending on the hiring date;                             and received of unemployment compensation under the State or Federal law for at least 4 weeks during the 1-year period ending on the hiring date.

Disconnected Youth - an individual who is age 16 but not yet age 25; not regularly attending any secondary, technical, or post –secondary school; not regularly employed for 6 months;       and not readily employable due to lacking basic skills.

 

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