Lunch and Learn: Workforce Tax Credit Programs

Description

The Morehead-Rowan County Chamber of Commerce is committed to providing businesses with essential tools and resources to be competitive and to grow and meet their workforce demands. We are happy to announce we have partnered with the Kentucky Education and Workforce Development Cabinet to provide a series of workshops to small business owners and learn more about tax credit programs available to businesses. • Work Opportunity Tax Credit - The Work Opportunity Tax Credit (WOTC) is a Federal tax credit available to employers for hiring individuals from certain targeted groups who have consistently faced significant barriers to employment. • Kentucky Unemployment Tax Credit - The 1982 Kentucky General Assembly enacted KRS 141.065 which provides an unemployment tax credit against the income tax liability of Kentucky employers who hire qualified unemployed individuals. Employers may claim a $100 credit for each eligible individual who has been certified by the Office of Employment and Training. Certification requires that the employee be unemployed for 60 days prior to being hired into full-time employment and must remain employed full time for 180 consecutive calendar days in the tax year in which the credit is claimed • Kentucky Federal Bonding Program - The Kentucky Career Center is now offering a $5,000 six-month fidelity bond at no cost to employers or job seekers through a U.S. Department of Labor program that encourages hiring of hard-to-place applicants in eight categories, such as individuals with criminal records or those with poor credit records. The Federal Bonding Program (FBP) allows employers to insure their business against theft, forgery, larceny, or embezzlement if they hire at-risk job seekers who cannot get private coverage. The bond covers the first six months of employment and has no deductible so there is no out-of-pocket expense for businesses that participate. Employers also can purchase continued coverage if the worker demonstrates job honesty.