Sec. 112. Extension and modification of work opportunity tax credit
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Section 51(c) of the Internal Revenue Code of 1986 is amended by striking paragraph
(4)and redesignating paragraph
(5)as paragraph (4). Section 51(b)(3) of such Code is amended— by striking subsection (d)(3)(A)(iv), and and inserting subsection (d)(3)(A)(iv), , and by striking subsection (d)(3)(A)(ii)(II)) and inserting subsection (d)(3)(A)(ii)(II), and $14,000 in the case of any individual who is an ex-felon by reason of subsection (d)(4)) . Section 51(b) of such Code is amended by adding at the end the following: In the case of any taxable year beginning after 2016, the $14,000 dollar amount contained in paragraph
(3)relating to ex-felons shall be increased by an amount equal to the product of— such dollar amount, and the cost of living adjustment determined under section 1(f)(3) for the calendar year in which the taxable year begins determined by substituting calendar year 2015 for calendar year 1992 in subparagraph
(B)thereof. If any increase determined under the preceding sentence is not a multiple of $50, such increase shall be rounded to the next lowest multiple of $50. . Section 51(d)(4)(B) of such Code is amended by striking 1 year and inserting 3 years . The amendments made by this section shall apply to individuals who begin work for the employer after December 31, 2015.