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TJTC:
The Work Opportunity Tax Credits' regulatory roots are found in
the Targeted Jobs Tax Credit (TJTC) program, a federal business tax
credit approved in 1978. Since its inception, TJTC received bipartisan
support in both houses of Congress and from all presidents.
WOTC Program:
- WOTC Program was created by the Small Business Job Protection
Act of 1996.
- The Welfare-to-Work Tax Credit (W2W) was created by the
Taxpayer Relief Act of 1997
- The WOTC & the W2W continued as separate tax credits until
Dec. 2006 when Public Law 109-432 repealed Sec. 51A of the IInternal
Revenue Code by merging the W2W into the WOTC Program as another target
group.
The current WOTC program is very likely here to
stay, even after the end of the current August 31, 2011 extension. Indeed, the Work Opportunity Tax Credit
program is an economic development package, initiated by Congress, with
a track record of success.
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