Bill 119 HR 2507, also known as the "Youth Work Opportunity Credit Modification Act," aims to amend the Internal Revenue Code of 1986 in order to make changes to the work opportunity credit for certain youth employees. The work opportunity credit is a tax credit available to employers who hire individuals from certain targeted groups, such as veterans or individuals receiving government assistance.
Specifically, this bill focuses on modifying the work opportunity credit for youth employees. The proposed changes would likely include adjustments to the eligibility criteria for youth employees to qualify for the credit, as well as potentially increasing the amount of the credit that employers can claim for hiring eligible youth workers.
The goal of this legislation is to incentivize employers to hire more young workers by providing them with a tax credit for doing so. By making it more financially beneficial for businesses to hire youth employees, supporters of the bill hope to reduce youth unemployment rates and provide valuable job opportunities for young people entering the workforce.
Overall, Bill 119 HR 2507 seeks to support youth employment and economic growth by making changes to the work opportunity credit for certain youth employees. It is important to note that this summary is based on the information available at this time and may be subject to further revisions or amendments as the bill progresses through the legislative process.