Business: Executives

Synergi Partners Is Pleased To Announce The US House Passed H.R. 1865 Which Includes Extension To WOTC, EZs, IEC Through 2020 Along With Hurricane Disaster Relief

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FLORENCE, S.C. (PRWEB)

The House of Representatives voted 297-120 this afternoon to pass a domestic spending package (H.R. 1865) which includes a tax credit package, sending the legislation on for a Senate vote before government funding expires at midnight Friday. This package marks the first step of a bipartisan agreement. President Donald Trump is expected to sign the measure into law.

The bill includes a one year extension through 2020 to the Work Opportunity Tax Credit (WOTC), Indian Employment Credit (IEC), and Empowerment Zones (EZs). The amendment made in Section 51(c)(4) shall apply to individuals who begin work for employers after December 31, 2019.

The spending bill includes a $2.5M increase in WOTC funding for FY 2020. The increase in funding will help with the administration of the Work Opportunity Tax Credit, reduce backlog at the state level, and provide provision of technical assistance and staff training.

Disaster relief for Hurricanes Florence and Michael and the 2018 California Wildfires is also included within the bill, which would provide tax relief to victims and businesses located in federally designated disaster zones. Businesses located within a disaster zone may received up to $2,400 in tax credits per retained employee.

“Synergi Partners is extremely pleased Congress has included WOTC, Federal Empowerment Zones, Indian Employment and disaster relief credits in this legislation. Additionally, Congress made the ones that expired retroactive. We thank the members of Congress, our valued clients, our trade association NEON and our dedicated team at Synergi for everyone’s contribution to this successful renewal effort,” stated Jim Brown, Synergi Partners CEO.

To read the proposed bill in its entirety, click here:

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About Synergi Partners:

Comprising of tax credit veterans with many years of experience serving clients of all sizes and in virtually all industries, Synergi Partners specializes in helping employers take advantage of federal and state tax credit programs, as well as disaster relief incentives, as well as research and development tax credits.

With an executive team made up of thought leaders who have made significant contributions to the tax incentives industry, Synergi Partners’ main goal is to provide the best service available and to achieve maximum value for its clients. For information on if your company qualifies please contact us at 843-519-0808.

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