Title:1,000+ Veteran Hires = $2.6 Million in tax credits
Author:Ron Rutherford, Business Development Manager, TAOnline
Date:April 2012
Source:TAOnline.com
Volume:Volume 3 Issue 81
Washington state businesses jump at savings
If there was a question about whether the expanded tax credits for hiring veterans worked, the answers may be seen in Washington state. Businesses received more than $2.6-million in Federal tax credits for the 2011 tax-filing season.
The Work Opportunity Tax Credit rewards employers who hire military veterans, the disabled, ex-inmates, food-stamp recipients and individuals receiving Supplemental Security Income. Tax credits range from $2,400 to $9,600 for each eligible hire.
In all, the state certified 25,300 hires for this credit, 4%, or 1,012 were veterans. To receive the credit, each new employee must work a minimum of 400 hours during the first year in the new job and earn at least $6,000 in wages.
To further assist with the hiring of Veterans, the President's new budget proposal aims to make these tax credits permanent. Previously, Congress voted annually to renew or modify the Federal Tax Credits.
