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:Learn More:
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.
- The length of the Veteran’s unemployment before hire
- The number of hours the Veteran works
- The Veteran’s first year of wages.
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.