Hire a Veteran!

On November 21st, President Obama signed the “VOW to Hire Heroes Act” which amended the work opportunity tax credit (WOTC) and increased tax credits for businesses that hire unemployed veterans.  According to the Department of Labor, as of October 2011, 12 percent of military veterans who joined the service after the attack of 9/11 are unemployed.  During the signing of the Act, Obama predicted that with the war in Iraq winding down, many veterans will be looking for jobs in the next five years, and that their experience will be extremely valuable to private enterprise.  So if their valuable experience isn’t enough to tempt companies to hire these unemployed veterans, companies can claim credits against payroll taxes up to $5,600 for veterans that have been unemployed for six months or longer.  The credit goes up to $9,600 for veterans with service-connected disabilities.  There is another incentive to hire veterans who have been unemployed for one to six months; companies in this situation can claim a credit up to $2,400.  As an extra incentive, the government will provide some relief/ incentives to companies that provide on the job training to these veterans.  For more information about the benefits of hiring unemployed veterans go to the United States Department of Veterans Affairs.

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