On Friday, December 18, 2015, President Barack Obama signed into law the Protecting Americans from Tax Hikes (PATH) Act of 2015. This bill extends the Work Opportunity Tax Credit (WOTC) for five years (from January 1, 2015 through December 31, 2019). In addition to the extension of the program, a new eligibility category has been added. “Long-Term Unemployed” is a new eligible category, defined as an individual unemployed for not less than 27 weeks and received unemployment compensation under state or federal law.
The bill also extends the Federal Empowerment Zone Job Credit through 2016 for businesses that reside in a Federal Empowerment Zone. The program allows for a credit of up to $3,000 per qualified employee and resident in a Federal Empowerment Zone.
TECHNICAL INFORMATION CONTACTS:
Allea Newbold
Principal
Ryan
813.228.7100
allea.newbold@ryan.com
Matt Lowell
Manager
Ryan
321.251.2924
matt.lowell@ryan.com