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Firms hiring jobless vets eligible for tax credits
by Laura Englehart, Reporter
Friday, February 17, 2012

Businesses who hire unemployed veterans now can receive a tax credit.

The VOW to Hire Heroes Act of 2011 provides a tax credit of as much as $9,600 for for-profit companies, or $6,240 for tax-exempt organizations. The amount depends on a number of factors including the length of time the veteran was unemployed before hire, hours a veteran works and the amount of first-year wages paid.

Employers who hire service-disabled veterans could be eligible for the maximum credit.

For businesses, the act provides:

• A tax credit of as much as $5,600 for hiring veterans who have been looking for a job for more than six months, as well as a $2,400 credit for veterans who are unemployed for more than four weeks, but less than six months; and

• A tax credit of up to $9,600 for hiring veterans with service-connected disabilities who have been looking for a job for more than six months;

The act also provides additional assistance for veterans, such as transition programs that provide career counseling and resume writing workshops; expanded educational benefits for older veterans; and an additional year of vocational rehabilitation and employment benefits for disabled veterans.

U.S. Sen. Sherrod Brown, D-Ohio, supported the bill when it was signed into law in November. Brown is a member of the Senate Veterans’ Affairs Committee.

“Service members who work to keep our country safe shouldn’t have to worry about finding work when they leave the service,” Brown said. “That is why businesses that hire returning service members can now claim a tax credit. When Congress passed the VOW to Hire Heroes Act last year, we made a promise to America’s veterans that we would work to connect them with good-paying jobs.”

Because of its proximity to Wright-Patterson Air Force Base, the Dayton region is home to many veterans.

Read this and other articles at the Dayton Business Journal

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