New Law Offers Tax Credits for Hiring Unemployed Veterans
On Nov. 21, 2011, President Obama signed into law the Veterans Opportunity to Work (VOW) to Hire Heroes Act of 2011. While the law offers many direct benefits to personally assist the nation’s veterans, such as education and training programs, for employers, the law provides tax incentives when qualifying unemployed veterans are hired and begin work between Nov. 22, 2011, and Dec. 31, 2012.
The VOW Act will provide tax credits of up to $2,400 for employers who hire veterans who have been unemployed at least 4 weeks; up to $5,600 for hiring veterans who have been unemployed longer than 6 months; and up to $9,600 for businesses that hire veterans who have service-connected disabilities and have been unemployed longer than 6 months. State workforce agencies will certify veterans as meeting the required periods of unemployment based on receipt of unemployment insurance compensation.
Additional information on the VOW Act can be found here. AGC will notify members once guidance on how to claim credit is available.
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