Leveraging Work Opportunity Tax Credit and Rural Opportunity Zone Program in Kansas
In today’s competitive business landscape, taking advantage of government incentives can significantly benefit employers. Two such programs in Kansas, the Work Opportunity Tax Credit (WOTC) and the Rural Opportunity Zone (ROZ) Program, offer attractive opportunities for businesses to save on taxes and attract a skilled workforce.
Work Opportunity Tax Credit (WOTC)
The WOTC program has been enhanced in Marshall County through the Rural Renewal County Program. Employers in this region can now receive tax credits when hiring individuals aged 18-39. The tax credit amounts to $2,400 in the first year of hiring, with no limit on the number of hires. To qualify, employers need to file within 28 days of hiring and complete two forms. This initiative aims to support businesses in Marshall County while encouraging the employment of a younger demographic.
Rural Opportunity Zone (ROZ) Program
New residents in designated ROZ counties, including Marshall County, can benefit from tax incentives. By establishing domicile in a ROZ county on or after July 1, 2011, individuals who have been outside Kansas for five or more years can forego individual income tax to the state. This incentive is independent of using ROZ for loan repayment and is available until 2020.
Qualifications for ROZ Program
To be eligible for the ROZ Program, taxpayers must meet specific qualifications:
- Establish domicile in a ROZ county between July 1, 2011, and Jan. 1, 2022.
- Have been domiciled outside Kansas for five or more years prior.
- Have had no more than $10,000 in Kansas source income per year for five years before moving to a ROZ county.
- Remain domiciled in a ROZ county for the entire taxable year.
- File tax returns timely and not be delinquent in tax payments.
For detailed information on eligibility and application procedures, visit Kansas Department of Revenue.
By leveraging these programs, businesses in Marshall County can access valuable tax credits and attract a diverse pool of talent. Whether you are a new employer or a resident considering a move to a ROZ county, exploring these incentives can lead to significant savings and growth opportunities.
Take advantage of the WOTC and ROZ programs today to drive economic development and foster community growth in Kansas!
