(Washington, D.C.) – Today, U.S. Senator Patty Murray, Chairman of the Senate Veterans’ Affairs Committee, announced important information for Washington state employers that are looking to take advantage of a new tax credit to hire veterans. As part of Chairman Murray’s VOW to Hire Heroes Act of 2011, which was enacted last November, an expanded Work Opportunity Tax Credit (WOTC) is now available to businesses, and certain tax-exempt organizations, that hire eligible unemployed veterans.
The credit can be as high as $9,600 per veteran for for-profit employers or up to $6,240 for tax-exempt organizations. Employers who hire veterans with service-related disabilities may be eligible for the maximum credit. The law allows employers one tax credit per eligible veteran hired. Other factors that affect the amount of the credit include the length of the veteran’s unemployment before hire, hours worked, and the amount of wages paid.
“This is another incentive for Washington state businesses to help put our state’s veterans back to work,” said Senator Murray. “We all know our veterans have the leadership skills, drive, and discipline to succeed in the workplace, and now businesses have one more reason to bring them on board. I am so pleased to have been able to help pass this bill, and I hope that our state’s businesses immediately begin to take advantage of this tax credit and the tremendous talents of our veterans.”
More information about this new tax credit:
The IRS has recently released the guidance and forms that employers can use to claim the newly-expanded tax credit for hiring veterans. For further details, including forms and filing deadlines visit: http://www.irs.gov/businesses/small/article/0,,id=253949,00.html
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