Targeted Jobs Tax Credit

Targeted Jobs Tax Credit means:
a tax credit to encourage employers to hire individuals from groups subject to high rates of unemployment. A 40% regular jobs credit applies to the first $6,000 of wages per employee for the first year of employment. A 40% credit also applies to summer youth employees during any 90-day period between May 1 and September 15 on wages up to $3,000 per such employee. The credit is extended to those who begin work before December 31, 1994.

The targeted groups are as follows: (1) vocational rehabilitation referrals, (2) economically disadvantaged youths aged 18 through 22, (3) economically disadvantaged Vietnam-era veterans, (4) Supplemental Security Income (SSI) recipients, (5) general assistance recipients, (6) economically disadvantaged cooperative education students aged 16 through 19, (7) economically disadvantaged convicts, (8) eligible work incentive employees, and (9) economically disadvantaged summer youth employees aged 16 or 17. Certification of targeted group membership is required as a condition of claiming the credit. Former IRC (check if this IRC provision is current here) §§51 and 52.