Hiring Incentives
When you hire Welfare Transition Program (WTP) participants and people from other targeted populations, you may be eligible for tax credits, training programs and various incentives. Read more below, then call us for more information.- Welfare-to-Work Tax Credit
- Work Opportunity Tax Credit
- On-the-Job Training
- Work Supplementation
- Enterprise Zone Incentives
Welfare-to-Work Tax Credit - Employers may receive tax credits of up to $8,500 per employee for hiring welfare recipients who work at least 400 hours (the equivalent of 10 full-time weeks) per year. Eligible employers receive income tax credits equal to 35 percent of the first $10,000 in qualified wages paid in the first year, and 50 percent of the first $10,000 in qualified wages during the second consecutive year of employment. Employers must submit appropriate forms within 21 days of hiring. Go to the Department of Economic Opportunity for more information.
Work Opportunity Tax Credit - This incentive is available to employers hiring welfare recipients and people from other groups, including food stamp recipients and some veterans, vocational rehabilitation clients and people receiving Supplemental Security Income. Employers can earn up to $2,400 per employee in federal income tax credits. For forms and additional information, contact the Department of Economic Opportunity.
On-the-Job Training (OJT) -This training program is designed for employers to hire and provide occupational training to someone who might not be hired otherwise due to lack of skills or experience. Workers trained by a company are traditionally more likely to remain on a job, reducing future training costs. OJT can be done in conjunction with classroom training at local educational institutions. Employers can receive up to half of wages paid to workers while they are in a pre-approved OJT program. Contact us for details on how this program may help your business become more productive.
Work Supplementation - Work supplementation or grant diversion gives employers cash assistance benefits as an incentive to hire a person into their regular workforce. Employment must be full-time at a rate at least equal to the federal minimum wage and should lead to long-term, unsubsidized work. Call us for more information.
Enterprise Zone Incentives
Businesses located in an Enterprise Zone may be eligible for various tax credits if they hire new employees from groups such as welfare recipients and graduates of Workforce Investment Act classroom training programs. Businesses can claim a percentage of the employee’s wages against either their corporate income tax or to offset property or sales tax on building materials and business equipment. For more information, contact Enterprise Florida.
