Work Opportunity Tax Credit Extended to Employees Residing in "Rural Renewal Counties"

Date
2007-12-14
Authors
Harl, Neil
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Altmetrics
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Iowa State University Digital Repository
Abstract

The Small Business and Work Opportunity Tax Act of 20071, in addition to other changes in the Work Opportunity Tax Credit,2 the 2007 tax act extended the credit to newly-hired employees residing in a “rural renewal county.”3 The credit amount is up to a maximum of 40 percent of the first $6,000 of “qualified first-year wages” paid to an eligible employee who is a “designated community resident” and who works for at least 400 hours during the first year of employment.4 Thus, the credit could be as much as $2400 for each eligible employee.5

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