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Work Opportunity Credit (WOTC)

A federal tax credit available to employers for hiring individuals from certain target groups who have consistently faced significant barriers to employment.

Internal Revenue Code of 1986

The main body of federal tax law in the United States, which is managed by the Internal Revenue Service (IRS).

Qualified Veteran

A veteran who meets specific criteria defined by law to be eligible for certain tax benefits or programs, often related to unemployment or receiving food stamps prior to employment.

Qualified first-year wages

The wages paid or incurred by an employer during the first year of employment that can be used to calculate a tax credit, up to a certain limit.

Conforming Amendments

Changes made to existing laws to ensure they align with the new provisions of a bill or act, maintaining consistency across the legal text.