SC Businesses Eligible for $100M Potential Tax Saving
Wednesday, December 13th, 2017
Businesses in South Carolina were eligible for more than $100 million in potential tax savings so far this year through the Work Opportunity Tax Credit program, the S.C. Department of Employment and Workforce announced.
This year, businesses have hired 36,395 eligible individuals who allow businesses to qualify for the tax credit.
“Hiring someone with a barrier to employment can earn businesses a tax credit but, more importantly, it gives all individuals the opportunity to participate in the state’s robust economy, and it provides businesses with loyal and valuable employees,” said Cheryl Stanton, DEW’s executive director.
“The Work Opportunity Tax Credit incentivizes employers to hire individuals who face a significant barrier to employment and helps facilitate access to good jobs,” said Grey Parks, DEW’s assistant executive director of Workforce Operations.
The WOTC is a federally funded program designed to provide incentives for businesses to hire unemployed veterans, ex-offenders, individuals with disabilities, the long-term unemployed and other individuals with barriers to employment.
A business could receive a 40 percent tax credit against wages paid in the first year of employment for a qualifying individual, or up to $2,400 to $9,600 per eligible employee. There is no limit to the number of qualified hires a business can claim.