By leveraging WOTC state hiring incentives (or piggyback credits), businesses can significantly reduce their federal tax liability. These incentives allow companies to maximize their savings by combining federal WOTC benefits with state incentives, resulting in potential savings of thousands of dollars per employee. It’s a strategic way to enhance your workforce hiring programs while lowering overall employment costs.
Savings can range from $100 to $20,000 depending on the state.
The WOTC and State Hiring Incentives are valuable incentives that help businesses reduce their tax liability when hiring eligible employees. The WOTC provides federal tax credits for hiring individuals from targeted groups, such as veterans, long-term unemployed, and certain others. State Hiring Incentives complement these incentives by allowing states to add their own credits on top of the federal WOTC, maximizing savings.
Together, these credits encourage employment and support economic growth by incentivizing businesses to hire from diverse and underrepresented groups.
Reach out to a tax consultant to learn how CTI powers your business for success.
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