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Hiring Vets Can Equal Tax Credits

Posted by McDonald & Osborne Posted on Oct 12 2015

Did you know that over one million veterans are out of work??

On November 10, 2011, the day before Veterans Day, the Senate unanimously passed its bill (95-0), which was based on the House-passed Veterans Opportunity to Work Act (The VOW Act), passed on November 16. President Barack Obama signed the bill (H.R. 2433) into law on November 21, 2011.

To maximize the potential employment of our country’s veterans, this law will afford tax credits to the employers who hire them. The law would provide the following tax credits to employers:

  • A tax credit of up to $5,600 for hiring veterans who have been looking for a job for more than six months
  • A $2,400 credit for veterans who are unemployed for more than four weeks but less than six months
  • 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.

Lisa Osborne
Office Administration
lisaosborne@mo-cpa.com

Photo Credit: BigStockPhoto.com