Financial Incentives
Work Opportunity Tax Credit (WOTC)
The Work Opportunity Tax Credit (WOTC) program ended Dec. 31, 2011 for all target groups other than veterans.
As provided for by the Returning Heroes and Wounded Warriors Work Opportunity Tax Credit, hiring employers may claim a significant tax credit by adding U.S. veterans to the payroll before Jan. 1, 2013.
In addition to the one-year extension, the WOTC expands the definition of "qualified veteran," increases the maximum amount of allowable WOTC and extends the availability of the credit to tax-exempt employers.
Employers may qualify for federal income tax credits of $5,600 for veterans unemployed six months or more to $9,600 for hiring disabled veterans. Tax-exempt employers may qualify for credits of $3,640 for hiring veterans unemployed at least six months and $6,240 for disabled veterans. Employers may be eligible for a WOTC if they hire a qualified veteran receiving food stamps or whose service-connected disabilities do not meet certain other criteria.
Jobs for the Unemployed Tax Credit Program (JUTC)
The Jobs for the Unemployed Tax Credit (JUTC) program provides incentives to businesses throughout Florida to hire qualified employees who were previously unemployed. Businesses from target industries may receive a state corporate tax credit of $1,000 for every employee hired on or after July 1, 2010. The business may claim only new hires that were previously unemployed for a minimum of 30 days, and that remain employed after a 12-month period at an average of 36 hours per week. This program is available through June 30, 2012.
On-the-Job (OJT) Training
Employers may be reimbursed from 50 percent up to 90 percent of a qualified new employee’s wage while they are in on-the-job training. The higher reimbursement rate for eligible employers has been extended through June 30, 2012.
Training is tailored to meet the employer’s specific needs. Workforce Connection provides recruitment and referral of job applicants.
Employed Worker Training (EWT) Program
Designed to meet the special requirements of local employers, the EWT program helps elevate current employees to better jobs and better wages within a company through customized training. The EWT program reimburses eligible employers up to 50 percent of training costs for a maximum of $20,000.
Incumbent Worker Training (EWT) Program
Incumbent Worker Training (IWT) is a state program that provides training to currently employed workers to keep Florida's workforce competitive in a global economy and to retain existing businesses. The program is available to all Florida businesses that have been in operation for at least one year prior to application and require skills upgrade training for existing employees. Funding priorities apply.
For information about additional financial incentives, please visit the Florida Department of Economic Opportunity, the Florida Department of Strategic Business Development and/or Services for Employers at the Employ Florida Marketplace.
