California recently proposed a new tax credit similar to the federal credit called the Work Opportunity Tax Credit (“WOTC”).  The proposed California credit would work together with the Enterprise Zone tax credit (“EZ”) but without the boundary requirement.  The tax would be worth up to $2,400 of wages paid to qualified employees.  Click here to read the full text of the proposed tax credit.

To take advantage of this tax credit, click here for a free consultation with the C & I team.

WOTC is a Federal credit that provides you with a dollar for dollar tax credit of:

• $2,400 for each new adult hire;
• $1,200 for each new summer youth hire,
• $4,800 for each new disabled veteran hire, and
• $9,000 for each new long-term family assistance recipient hired over a two-year period.

Employees can qualify based on any one of nine target groups.  There are strict requirements for submitting paperwork to qualify employees for the credit.

Tags: bay area, blog, C & I Tax, california tax law, california tax news, canditax, CCC, central valley, certified public accountants, city of compton, compton, corporate savings, CPA, CPA firms, Enterprise Zone Tax Credits, Enterprise Zones, EZ, EZ tax credits, governor, imperial valley, incentives, inland empire, inner-city, los angeles region, northern California, orange county area, policy, qualify, sacramento area, san diego area, santa clarita, steve dotan, tax credits, tax professionals

This entry was posted on Wednesday, March 11th, 2009 at 4:35 am and is filed under Tax News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.