Financial Incentives to Hire Hire a qualified worker from a targeted group and receive federal tax credits.
Welfare-to-Work
Federal income tax credits of up to $8,500 for each new hire that is certified as a member of the long-term welfare recipient target group, defined as a member of a family that:
- Received AFDC/TANF (welfare) for the last 18 months, OR
- Received AFDC/TANF for any 18 months since August 5, 1997, OR
- Stopped being eligible for AFDC/TANF because the 60-month lifetime limit was reached
Work Opportunity Tax Credit
Federal income tax credits of up to $2,400 for each new hire that is certified as a member of one of the following target groups:
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Short-term welfare recipients
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18-24 year-old Food Stamp recipients
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Veterans receiving Food Stamps
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Vocational Rehabilitation referrals
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18-24 year-old Empowerment Zone or Enterprise Community residents
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16-17 year-old Empowerment Zone or Enterprise Community residents hired as Summer Youth Employees
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Ex-Felons who are members of a low-income family
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Supplemental Security Income recipients Wage Supplementation Program
The company receives a monthly amount equal to the average Temporary Assistance grant for a maximum of twelve months as an incentive for hiring an individual receiving Temporary Assistance benefits. Wage supplementation positions are limited to new, unfilled positions and cannot displace current employees from jobs or fill existing vacancies.
Business and Community Services
301 W. High Street, Rooms 720, 770 Jefferson City, Missouri 65102
Tel: 800-523-1434 Fax: 573-751-7384 Email: missouridevelopment@ded.mo.gov |