VETERANS – LISTEN UP! BUSINESSES WANT YOU!
On November 21, 2011, a new law was enacted that creates employment incentives designed to get unemployed veterans back to work after their service. This should create a much smoother transition for vets to getting back into the workplace and give the businesses that hire them an incentive to do so. Veterans’ experience can prove to be invaluable in private enterprise and combined with this new law, will give businesses an even greater advantage when employing a vet.
The law provides for a “Returning Heroes Tax Credit” for businesses hiring unemployed veterans. The tax credit provides:
- $2,400 maximum for vets unemployed for at least one month
- $5,600 maximum for vets unemployed for at least six months
The law retains the “Work Opportunity Credit” providing:
- Maximum credit of $4,800 for hiring unemployed veterans with service-related disabilities
Lastly, the law creates a “Wounded Warrior Tax Credit” providing:
- Maximum of $9,600 for hiring vets who have service-related disabilities and who have been unemployed for longer than six months
Get those resumes ready!