The HIRE CREDIT Act expands the federal work opportunity tax credit to include displaced disaster victims, allowing employers to claim tax credits when hiring people whose homes or workplaces were destroyed or damaged by major disasters declared on or after January 1, 2024. The credit applies to workers whose principal residence or employment location in a federally declared disaster zone was rendered uninhabitable or inoperable by the disaster, and who are currently unemployed. Employers can claim the credit for wages paid to these workers hired within one year of the disaster's end, though the credit does not apply if the displaced worker is employed full-time outside the disaster zone. The legislation is effective for hiring beginning January 1, 2024, and includes transitional provisions for disasters that occurred before the bill's enactment to allow workers and employers to still benefit from the credit.
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