11.21.11

Congress Extends and Expands Tax Credit for Hiring Veterans

On November 16, Congress passed the VOW to Hire Heroes Act. A key provision of the act extends the Work Opportunity credit through 2012 for companies that hire qualified veterans. The credit is still scheduled to expire at the end of 2011 for other targeted groups.

The act also expands the credit by:

• Doubling the maximum credit — to $9,600— for disabled veterans who’ve been unemployed for six months or more in the preceding year,
• Adding a credit of up to $5,600 for hiring nondisabled veterans who’ve been unemployed for six months or more in the preceding year, and
• Adding a credit of up to $2,400 for hiring nondisabled veterans who’ve been unemployed for four weeks or more, but less than six months, in the preceding year.

To be eligible for the credit, you must take certain actions before and shortly after you hire a qualified veteran. Your tax advisor can help you determine exactly what you need to do.

Please contact our office at 703.893-0600 to discuss how the tax incentives in the new law may benefit you. 

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