Work Opportunity Tax Credit (WOTC)
WOTC is a federal tax credit for hiring individuals in specific target groups. When you hire someone with a record, you can qualify for a $2,400 tax credit. If you are interested in taking advantage of this tax credit you must begin the process within the first 28 days of an individual’s employment. The links below will provide additional information along with the required forms.
Tax Credits Target Group Eligibility Tax Credit Forms
Federal Bonding Program
The Federal Bonding Program issues fidelity insurance bonds to employers to cover at-risk individuals in a variety of situations such as someone who has been formally incarcerated. The bonds start at $5,000, good for six months, free to employers, minimal paperwork and will reimburse an employer for any theft or loss. The links below provide more information.
Federal Bonds CT Bonding Coordinator
Step Up Program
The Subsidized Training and Employment Program (Step Up) provides two types of incentives to employers to hire unemployed individuals. One is a wage subsidy for the first six months of their employment and the second is funding to train a new employee. The links below provide more information.
Check out the link below to a June 2017 report.
Back to Business How Hiring Formally Incarcerated Job Seekers Benefits Your Company