Tuesday, June 12, 2012

VOW to Hire Heroes Act of 2011 FAQ

From the Senate Committee on Veterans Affairs
The VOW to Hire Heroes Act of 2011 extended and expanded the tax credit for hiring certain qualified Veterans. Through WOTC, for-profit employers may receive tax credits as high as $9,600 per qualified Veteran or up to $6,240 for qualified tax-exempt organizations. The amount of the credit will depend on a number of factors, such as:
  • The length of the Veteran’s unemployment before hire 
  • The number of hours the Veteran works 
  • The Veteran’s first year of wages.
The WOTC only applies to new employees and the qualified Veteran must start work on or after November 22, 2011 and before January 1, 2013.
 Before claiming WOTC on a federal tax return, employers must first apply for and receive certification from a State Workforce Agency that the new hire is a Veteran that meets the required qualifications.
Learn More:
http://www.veterans.senate.gov/upload/WOTC_Flyer.pdf

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