Late last year, President Obama signed into law the VOW To Hire Heroes Act of 2011, which expanded and amended the Work Opportunity Tax Credit (WOTC). In part, it provides tax credits for businesses when they hire unemployed military veterans. Business owners still have a few months to take advantage of tax savings.
These are the hiring requirements and tax credit levels companies can receive:
- $2,400 credit for veterans who are unemployed for more than 4 weeks, but less than 6 months
- $5,600 credit for hiring veterans who have been looking for a job for more than six months
- $9,600 credit for hiring veterans with service-connected disabilities who have been looking for a job for more than six months
These credits are available for hires made before Jan. 1, 2013. Find out more at this information page, with links the IRS documents/requirements business owner need to take advantage of this program.
For contractors looking for additional hiring resources, check out the Veteran Workplace Resource Guide from Zippa.