WOTC meaning in oil and gas

Work Opportunity Tax Credit

The Work Opportunity Tax Credit (WOTC), authorized by the Small Business Job Protection Act of 1996 (P.L. 104-188), is a federal tax credit that encourages employers to hire nine targeted groups of job seekers by reducing employers’ federal income tax liability by as much as $2,400 per qualified new worker; $750, if working 120 hours or $1,200, if working 400 hours or more, per qualified summer youth. <p> <p> The WOTC is one tool in a diverse toolbox of flexible strategies designed to help people move from welfare to work and gain on-the-job experience. It joins other education and job training initiatives and targeted tax credits, that help American workers prepare for good jobs; ease the transition from job to job; and create high performance workplaces. On March 9, 2002, the President signed into law, P.L. 107-147, the "Job Creation and Worker Assistance Act of 2002," reauthorizing the WtWTC and the WOTC for 24 additional months through December 31, 2003, to encourage employers to hire members of the targeted groups with barriers to employment. This reauthorization is retroactive to the WtWTC and the WOTC’s expiration date of December 31, 2001. <p>