US SB492

Increases the Work Opportunity Tax Credit (WOTC) rate from 40% to 50% on the first $6,000 of qualified first-year wages, and adds a second tier of 50% credit on wages between $6,000 and $12,000 for employees working at least 400 hours

Raises wage limits for veterans: $12,000/$24,000 for veterans receiving SNAP benefits, $14,000/$28,000 for disabled veterans, and $24,000/$48,000 for unemployed disabled veterans

Modifies summer youth employee credit to 40% of wages up to $3,000, down from the standard credit calculation

Adjusts long-term family assistance recipient credit to 40% of first-year wages up to $10,000 and 50% of second-year wages up to $10,000

Removes the age 40 cap for qualified SNAP benefits recipients, allowing employers to claim the credit for SNAP recipients of any age; all changes apply to employees beginning work after December 31, 2024