How HB 2863 changes current law

AI-generated reading aid from the bill's amendatory text — verify against the official bill.

This bill creates a new article in the Tax Reform Code of 1971 to establish the Work Opportunity Tax Credit, providing tax credits for employers hiring individuals from targeted groups.

• Act of March 4, 1971 (P.L.6, No.2)

  ARTICLE XIX-L WORK OPPORTUNITY TAX CREDIT Section 1901-L. Definitions. [...] "Tax credit." The Work Opportunity Tax Credit established under this article.

  This creates a new article specifically for the Work Opportunity Tax Credit in the existing tax reform law.

• Act of March 4, 1971 (P.L.6, No.2)

  Section 1902-L. Amount of credit. [...] (a) Determination of amount.--The amount of the tax credit under this section for the taxable year shall be up to $2,400 for the 12 months after the effective date of this subsection.

  This section specifies the amount of the tax credit available, up to $2,400.

• Act of March 4, 1971 (P.L.6, No.2)

  Section 1903-L. Membership of targeted groups.[...] (1) a qualified temporary assistance to needy families recipient as described under subsection (b); [...] (10) a qualified long-term unemployment recipient as described under subsection (k).

  This section defines the various categories of individuals that qualify as members of targeted groups for the tax credit.