Work Opportunity Tax Credit for Employers
Employers can take advantage of the Work Opportunity Tax Credit on their federal income tax liability. If an employer hires someone that can be certified (a simple process) as being part of a target group (such as being an eligible U.S. military veteran), the tax credit can be claimed. According to the Work Opportunity Tax Credit page on the Tennessee Department of Labor & Workforce Development website, during federal FY11, Tennessee Department of Labor and Workforce Development issued 50,025 federal Work Opportunity Tax Credit (WOTC) certifications representing in excess of $201 million in potential federal income tax savings to Tennessee employers.
For more information, check out this WOTC page on IRS.gov, and the IRS frequently asked questions about WOTC.
About Daryl Phillips, CEcD
I am a professional economic developer. I presently work for communities and companies in developing and implementing workforce and economic development solutions as CEO of Phillips Economic Development Solutions (Phi EDS).
Prior to September 2017, I was the economic development professional who served a community team of elected officials, business people, community leaders and dedicated stakeholders for economic development in Cheatham County, Tennessee (pop. 39,880) and its four towns. During my five-year tenure, I served the team as Cheatham County grew over 1,700 jobs, turned around population declines at the start of this decade into healthy population growth, increased tourism expenditures 20.3% and local tax revenue from tourism 25.4%, grew sales tax revenue 36%, focused on developing the local workforce and was recognized by SmartAsset as having the 9th highest Incoming Investment Index of all the 95 counties in Tennessee.
I am a member of International Economic Development Council, Southern Economic Development Council, Tennessee Economic Development Council and International Council of Shopping Centers.
I have earned the designation of Certified Economic Developer (CEcD) from International Economic Development Council (IEDC), the Economic Development Finance Professional (EDFP) certification from National Development Council and hold a Master of Business Administration from Tennessee Technological University.
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