Work Opportunity Tax Credit May Expire: Act Now!
Small business owners who take advantage of important tax credits may be at risk of losing them if Congress does not act before the end of 2011. These include the Work Opportunity Tax Credits for hiring workers who qualify as members of certain target groups that may have faced significant barriers to employment. It also includes the 15-year depreciation provision for restaurant improvements and new construction, retail improvements, and leasehold improvements or renovations.
These temporary tax provisions, often called “tax extenders,” have an impact on a wide range of activities that help spur economic growth, job creation and job retention. But despite bicameral, bipartisan support, Congress has yet to extend them.
A “Broad Tax Extenders Group:” has crafted a letter to urge Congress to pass these tax credits before the end of the year. This may not be a desirable substitute for long-term tax reform, but it can address some immediate problems in the interim. If you are interested in adding your name to the letter, you can find it here. The deadline for signing onto the letter is November 4th.