Tax Credit could help unemployment ratePosted: Updated:
KENNEWICK, Wash. -- Unemployment continues to sit at 9% but new tax credits could put more people back to work. The federal government is encouraging business owners to hire as many people as they can to help the economy.
Governor Gregoire released a statement urging Washington employers to take advantage of the new federal tax credits worth thousands of dollars. The federal program saves the business owner money by waiving the employer's 6.2% Social Security tax through the end of the year, all you have to do is hire unemployed workers.
WorkSource Director, Todd Dixon says there are more than 326,000 unemployed people in Washington. But he's hopeful the new tax credit will get employers to hire.
"It's an incentive on their, primarily their social security tax, the portion they pay is offset and simply all they have to do is have an applicant sign an affidavit stating that they've been recently unemployed for a certain duration and time," said Dixon.
But WorkSource says most business owners don't even know about the tax incentive.
"Every employer we've been contacting since Thursday, we've been selling the tax credit," said Dixon.
Governor Gregoire says this tax credit would save employers thousands of dollars and put Washingtonians back to work.
The tax credit has been available since March, but so far it has been a slow start.
"We are not surprised it rolled out slow, we think it will snowball," said Dixon.
WorkSource will continue to educate business owners.
For more information on the new tax credit click on the following link, http://Go2WorkSource.com.