Work Opportunity Tax Credit Saves Tennessee Employers Big Bucks
The Tennessee Department of Labor & Workforce Development announced this week that our state’s employers utilized the Work Opportunity Tax Credit (WOTC) during the federal fiscal year ending September 2012 for record levels of potential federal income tax savings. In FY2012, Tennessee Department of Labor & Workforce Development issued 64,300 WOTC tax credit certifications to Tennessee employers, which represented a potential federal income tax savings in excess of $232 million for these employers.
How the WOTC works, according to the TN.gov website:
When an employer hires an employee who is from one of 13 targeted groups with significant barriers to employment, he completes two forms – an IRS form and a federal Department of Labor form – and sends those to the Tennessee Department of Labor & Workforce Development no later than 28 calendar days following the employee’s starting date of employment. The TN Department of Labor notifies the employer via a tax credit certification when the employee is certified as an eligible target group member, and the employer then claims the credit as part of his annual tax return with the IRS. The amount of the tax credit is based on the percentage of qualified wages relating to the target group of the new employee.
For more information, visit the Work Opportunity Tax Credit page on the Tennessee Department of Labor & Workforce Development website.
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.
This entry was posted in Uncategorized
. Bookmark the permalink