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Dayton Business Journal...
Firms hiring
jobless vets eligible for tax credits
by Laura Englehart, Reporter
Friday, February 17, 2012
Businesses who hire unemployed veterans now can receive a tax credit.
The VOW to Hire Heroes Act of 2011 provides a tax credit of as much as
$9,600 for for-profit companies, or $6,240 for tax-exempt
organizations. The amount depends on a number of factors including the
length of time the veteran was unemployed before hire, hours a veteran
works and the amount of first-year wages paid.
Employers who hire service-disabled veterans could be eligible for the
maximum credit.
For businesses, the act provides:
• A tax credit of as much as $5,600 for hiring veterans who have been
looking for a job for more than six months, as well as a $2,400 credit
for veterans who are unemployed for more than four weeks, but less than
six months; and
• A tax credit of up to $9,600 for hiring veterans with
service-connected disabilities who have been looking for a job for more
than six months;
The act also provides additional assistance for veterans, such as
transition programs that provide career counseling and resume writing
workshops; expanded educational benefits for older veterans; and an
additional year of vocational rehabilitation and employment benefits
for disabled veterans.
U.S. Sen. Sherrod Brown, D-Ohio, supported the bill when it was signed
into law in November. Brown is a member of the Senate Veterans’ Affairs
Committee.
“Service members who work to keep our country safe shouldn’t have to
worry about finding work when they leave the service,” Brown said.
“That is why businesses that hire returning service members can now
claim a tax credit. When Congress passed the VOW to Hire Heroes Act
last year, we made a promise to America’s veterans that we would work
to connect them with good-paying jobs.”
Because of its proximity to Wright-Patterson Air Force Base, the Dayton
region is home to many veterans.
Read this and other articles at the Dayton Business Journal
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