The construction industry has been facing a labor shortage for years. Although there are various ways to tackle the challenge, one approach to keep in mind is expanding your hiring pool to, in part, avail yourself of a potentially valuable tax break: the Work Opportunity Tax Credit (WOTC).
The WOTC is available to employers as an incentive for hiring individuals who receive government assistance and reintroducing them into the workforce.
Depending on the targeted group to which a worker belongs, as well as the wages earned, the maximum credit can range from $2,400 to $9,600 per new hire. So, it's well worth determining whether the tax credit could help your construction company.