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Employers get expanded incentives to
hire vets |
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December 10, 2011 |
Employers have new tax incentives to hire
military veterans as the Idaho economy begins to
recover from the long recession.
The Vow to Hire Heroes Act of 2011 took effect
Nov. 22 and provides federal tax credits to
employers who hire eligible veterans through the
end of 2012. The credits range from $1,500 to
$6,000.
“When a business puts a veteran on the payroll,
it is getting a proven leader with a solid work
ethic who can solve problems efficiently while
remaining focused and contributing to an
improved bottom line,” said Elena Duncan, the
Department of Labor coordinator for the tax
credit program. “And employers get a tax break
as well.”
The Vow to Hire Heroes Act expands on the Work
Opportunity Tax Credit for hiring financially
struggling or disabled veterans. The new
provisions create a tax credit of up to $2,400
for hiring a veteran who has received
unemployment insurance benefits for at least
four weeks and up to $6,000 for hiring a veteran
who has received unemployment insurance benefits
for at least six months.
The Work Opportunity Tax Credit still provides a
federal tax credit of up to $2,400 for veterans
who are members of families that received food
stamps for at least three months in the 15
months prior to their hiring; up to $4,800 for
disabled veterans hired within a year of their
release from active duty or unemployed for at
least six months of the 12 months ending on the
hiring date; and up to $9,600 for disabled
veterans who have been unemployed for at least
six months during the year prior to the hiring
date.
More information on the tax credits is online at
http://labor.idaho.gov/dnn/idl/Businesses/EmployerTaxCredits/tabid/644/Default.aspx. |
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