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Home > Jobing Community Blogs > Blog Post: What's a WOTC?
Blog Post: What's a WOTC?
posted Wednesday, September 17, 2008 10:01 AM
As an employer, are you familiar with the Work Opportunity Tax Credit Program (WOTC)? It is a federal income tax credit that encourages employers to hire employees from a targeted group of job seekers. The WOTC can reduce an employers income tax liability by $2,400 per new hire.
In order for an employer to receive the tax credit, the new hire must begin work between January 1, 2006 and August 31, 2011 and belong to one of the nine WOTC target groups:
Not only can the WOTC reduce an employer’s income tax liability, it is one of the many strategies designed to help job seekers most in need of employment gain on the job experience and move towards economic self-sufficiency. In order to claim the WOTC on their tax return, employers must apply for and receive certification from the Colorado Department of Labor and Employment WOTC unit to verify that their new hire is indeed a member of one of the target groups. Employers need only complete the IRS Form 8850 and complete the one-page U.S. Department of Labor ETA Form 9061. These forms can be found through the Colorado Department of Labor and Employment’s website at: www.coworkforce.com/emp/taxcredits.asp It is now possible to apply for the WOTC through Colorado ’s New Electronic Submission Process. For any questions or to apply for the electronic submission process, contact a Colorado WOTC representative at: 303-318-8829 or 303-318-8828 or e-mail at: wotc@state.co.us
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