The HIRE CREDIT Act expands the federal work opportunity tax credit to include people displaced by federally declared disasters occurring on or after January 1, 2024. Employers who hire individuals who lost their homes or jobs in qualified disaster zones can claim a tax credit for wages paid to these workers, provided they are hired within one year of the disaster. The bill includes a restriction: if a displaced disaster victim works full-time (30+ hours per week) outside the disaster zone, the employer cannot claim the tax credit for those wages. The legislation applies retroactively to January 1, 2024, and includes transitional rules allowing employers to claim credits for disaster victims already hired before the bill's enactment. No new federal funding is appropriated; the benefit operates through existing tax credit mechanisms.
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