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HIRE VETERANS TAX CREDIT

 

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Some states and the federal government have policies in place that gives businesses tax credits for hiring Veterans who are out of work.  These tax credits can range from $1,000 to $15,000 per individual. All small businesses should take advantage of this opportunity to hire good people and save money at the same time.

 

Federal Government Program
The program at the federal government level offers for-profit businesses up to $9,600 per veteran hired and up to $6,240 to non-profit organizations.

The amount of the credit depends on a number of factors, including the length of the veteranís unemployment before hire, hours a veteran works and the amount of first-year wages paid. Employers who hire veterans with service-related disabilities may be eligible for the maximum credit.

An eligible employer must file Form 8850 with the state workforce agency within 28 days after the eligible worker begins work.

You can learn more about the program at the IRS website.

You can also get more indepth information from this IRS Q&A webpage.


States Programs
States Remarks
Alabama Under the Heroes For Hire Income Tax Credit section of the Alabama Taxes and Tax Incentives law, for tax years beginning January 1, 2012, employers meeting the requirements for the Full Employment Act of 2011 are eligible for an additional $1,000 nonrefundable income tax or financial institution excise (state-portion) tax credit for each job created if the employee is a recently deployed, unemployed veteran. Additionally, any recently deployed, unemployed veteran who holds at least 50% ownership interest in a start-up business is eligible for up to a one-time $2,000 nonrefundable tax credit for expenses related with the start-up. However, the job must pay more than $10.00 per hour and you can't start claiming the credit until the employee has completed 12 months of consecutive employment.
Alaska In the State of Alaska businesses can earn $3,000 for hiring a disabled veteran or $2,000 for a non disabled veteran if they work for more than 1,560 hours in a 12 consecutive month period. These individuals would have to be unemployed for four weeks before being hired. A veteran who is disabled could not have been unemployed for more than 10 years and a veteran who is not disabled could not have been unemployed for more than 2 years. If a business could claim the credit if it hires a seasonal Veteran employee for more than 500 hours.
Arizona The Arizona Veteran tax credit starts on December 31, 2013 and ends on December 31, 2016. The Arizona tax credit is only good for one year (or partial year) in which the employee was hired. The tax credit amount can range from $2,000-$4,000. It is determined based on 10% of the salary earned and paid to the employee during the taxable year. You must hire a Veteran who is collecting unemployment benefits at the time he/she is hired.
Delaware Delaware businesses that hire Veterans who have served overseas can receive a tax credit that is equal to 10% of wages, up to a maximum of $1,500. The credit may be taken each of the employee's first 3-years on the job.
Illinois Illinois employers can earn a State income tax credit of up to $5,000 annually for hiring veterans of Operation Desert Storm, Operation Enduring Freedom, or Operation Iraqi Freedom. The credit is 10 percent of the total wages paid to every qualified Veteran hired after January 1, 2010. Veterans must work at least 185 days during the tax year for the employer to qualify for the Veteran's Tax Credit.
New Mexico Governor Susana Martinez recently signed tax reform legislation that will help create jobs for military veterans on May 16, 2012. The Veteran Employment Tax Credit will provide up to $1,000 to businesses each time they hire a veteran who has recently been discharged from the military.
New York The Hire-a-Vet Credit encourages the hire of qualified Veterans. Businesses must employ a qualified Veteran for no less than 35 hours per week for one full year. A qualified Veteran is someone who served on active duty in the US Army, Navy, Air Force, Marine Corps, Coast Guard, Reserves, National Guard, New York Guard or New York Naval Militia, and was released from active duty by general or honorable discharge after September 11, 2001. Qualified Veterans must attest that they were not employed for 35 or more hours in the previous 180 days. Businesses may earn up to $5,000 for hiring a qualified Veteran, and up to $15,000 for hiring one who is disabled.
Utah Businesses may hire Veterans who have been discharged (honorable or general) from the military within the last two years and receive a tax credit of up to $2,400 in the first year and a credit of up to $4,800 in the second year. The qualified veteran must work for at least 35 hours per week.
Vermont The State of Vermont now provides a tax credit of up to $2,000 to employers who hire a veteran with recent military service. The tax credit also extends to veterans with recent service who start their own business.
Washington Washington state Veteran Tax Credit bill is going through the legislative process.
West Virginia Tax credits are based on a percentage of the first $5,000 in wages paid to the individual after one continuous year of employment. Employers may claim a 30 percent tax credit for hiring economically disadvantaged Korean conflict and Vietnam era veterans, 25 percent for unemployed members of the Guard and Reserves, or may claim a credit ranging from 10 to 100 percent for disabled veterans.





 

 

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