Many people are discouraged from continuing their education due to the high cost of attending college. However, here in Arizona, there are more options than most people are aware of, and our goal at Telecom Technical College is to let everyone know what their options are for pursuing career training. We wanted to share information on using tax credits and incentives to pay for school, and what resources you can research to see if you qualify.
ARIZONA@WORK is the statewide workforce development network that helps employers of all sizes and types recruit, develop and retain the best employees for their needs. For job seekers throughout the state, they provide services and resources to pursue employment opportunities. Through the support of federal funding, our services are provided at no charge. We are integrated in our local communities to meet the employment needs of all different organizations and job seekers. Under the Arizona@Work program is the City of Phoenix and DES, who have funds and tax credits available to AZ companies that provide specialized training. Every county is different, so be sure to check the requirements of each county to learn how best to take advantage of the program.
Tax credits and incentives
Arizona companies that hire targeted employee groups or provide specialized training and services may be eligible for tax credits and incentives, from hiring qualified veterans and the disabled to operating within an Enterprise Zone. Enterprise zones are often established in low-income areas or places that are recovering from disaster, such as a flood or hurricane. Business are encouraged, through cost savings, to open their doors and hire local residents within these areas in order to stimulate economic growth.
The Work Opportunity Tax Credit (WOTC)
The Work Opportunity Tax Credit (WOTC) is available to employers who hire people from specific target groups that experience barriers to employment:
- WOTC can provide up to $2,400 in tax relief for each qualifying hire, and up to $9,000 for long term family assistance recipient hires.
- Easy application process.
- Full-time, part-time, and temporary employees make your business eligible for the tax credit.
- Tax credit of up to $2,400 for Veteran receiving SNAP.
- Tax credit of up to $4,800 for Disabled Veteran hired within a year of military discharge.
- Tax credit of up to $5,600 for hiring veterans who have been looking for a job for more than six months, as well as a $2,400 credit for veterans who are unemployed for more than 4 weeks, but less than 6 months.
- Tax credit of up to $9,600 for hiring veterans with service-connected disabilities who have been looking for a job for more than six months.
- Employers may claim a tax credit on an unlimited number of qualifying new hires.
What do new contractors need to do?
To apply for the WOTC tax savings, you’ll need to apply. As a new contractor, they will need to register with the City of Phoenix in ProcurePHX to receive tax credits or receive reimbursement for additional training for employed (6 months or more). They only need a W-9, Proof of Insurance, and complete the free application.
Using tax credits and incentives to pay for school such as a technical school is a smart investment for employers. Learn more about the opportunities above to grow your workforce and enhance the skill set of your employees.
Want to learn more about Telecom Technical College and how these incentives can help you get the career training you need? Contact us today to find out more!