(Washington, D.C.) – U.S. Senator Jeanne Shaheen (D-NH) today announced important information on a new tax credit available to New Hampshire businesses offering job opportunities to veterans. Shaheen supported language in the VOW to Hire Heroes Act of 2011 to offer an expanded Work Opportunity Tax Credit to businesses and certain tax-exempt organizations that hire unemployed veterans. The VOW to Hire Heroes Act became law in November 2011.
The tax credit, as high as $9,600 per veteran for businesses and $6,240 for tax-exempt organizations, will act as an additional incentive to provide returning veterans with the employment opportunities they deserve. Employers who hire veterans with service-related disabilities may be eligible for the maximum credit. The law allows employers one tax credit per eligible veteran hired. Factors that affect the size of each credit include the length of the veteran’s unemployment before hire, hours worked and the amount of wages paid.
“Our veterans undertake an incredible sacrifice to protect our country and we owe them every opportunity to make a living upon their return home,” Shaheen said. “I hope that New Hampshire’s businesses immediately begin to take advantage of this tax credit to help put our state’s veterans back to work. It will help our veterans and it will help our economy.”
More information about this new tax credit:
The IRS has recently released the guidance and forms that employers can use to claim the newly-expanded tax credit for hiring veterans. For further details, including forms and filing deadlines visit: http://1.usa.gov/wdljLC.
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