Description
The Employment and Training Administration (ETA) is announcing the availability of Work Opportunity Tax Credit (WOTC) funding allotments for Fiscal Year 2024. The WOTC program provides tax credits to employers who hire individuals from targeted groups, such as veterans, ex-felons, and recipients of certain government assistance programs. State Workforce Agencies (SWAs) are eligible to apply for funding to administer the WOTC program in their respective states. The funding will be used to support the administration of the WOTC program, including the processing of certification requests, eligibility determinations, and the issuance of tax credits. SWAs will be required to submit an application for funding, which will include a detailed budget and a plan for administering the WOTC program.
• The WOTC program is authorized under Section 51 of the Internal Revenue Code of 1986, as amended.
• The program provides tax credits to employers who hire individuals from targeted groups.
• SWAs will be required to submit an application for funding, which will include a detailed budget and a plan for administering the WOTC program.
• The funding will be used to support the administration of the WOTC program, including the processing of certification requests, eligibility determinations, and the issuance of tax credits.
• SWAs will be required to report on their progress in administering the WOTC program, including the number of certifications issued and the amount of tax credits claimed.