Murphy touts renewal of unemployment tax credit

Hartford Business Journal

U.S. Sen. Chris Murphy (D-CT) is hailing the passage of a federal workforce tax credit that will encourage businesses to hire long-term unemployed workers. It provides additional incentives for businesses that employ long-term unemployed workers—workers who are unemployed for a for six months or longer.

Congress renewed the Work Opportunity Tax Credit, which had expired Dec. 31, 2014. Now, the tax credit is retroactive for businesses for 2015 and is extended through 2019. It provides employers with a tax credit of between $1,200 and $9,600 per employee. The recently-passed tax bill also adds a $2,400 tax credit for first year wages paid to long-term unemployed workers.

Hartford Mayor Luke Bronin said at a press conference the tax credit could make the streets safer and contribute to a stronger tax base in his city.

"Now that we have certainty that the tax credit is extended long-term, we need to get the word out to Connecticut businesses and residents looking for work that this resource is available to them," said Murphy.