Extension of Tax Credits to Employers Hiring Veterans
Veterans are a valuable resource that American employers should be utilizing to improve their business and the quality of their products. Employment is critical for a Veteran’s morale. Studies have proven that employed Veterans are less likely to have drug and alcohol addictions, and less likely to commit suicide. An employed Veteran is more likely to help their company succeed with their financial missions. Not only are Veterans battle- tested workers and leaders, but Veteran employees also bring their employers tax breaks, if the Vow to Hire Heroes Extension Act gets passed through Congress. But more than that, hiring Veterans is the right thing to do, and they are better served in a company’s chain of command than an unemployment line.
Since 2011, companies that have hired Veterans have been rewarded through the VOW to Hire Heroes Act. The US Government has offered these companies tax breaks of up to $2,400 and $5,600 per unemployed Veteran hired, depending on their length of unemployment. Companies that hired disabled Veterans received a tax credit of up to $9,600 per hire. This program has paved the way for thousands of Veterans to find meaningful careers in the civilian world, and thousands of companies have found quality employees.
What is the VOW to Hire Heroes Extension Act?
The “VOW to Hire Heroes Extension Act” extends the current work opportunity tax credit for hiring veterans through December 31, 2016.
Are there any Changes made from the Previous Act:
Another change is that qualified tax exempt organizations are eligible for credits against payroll taxes for hiring a veteran. Additionally, the new bill allows for-profit organizations that have not had profits for the three previous consecutive years to make a credit against payroll taxes for hiring a veteran.
The U.S. government should be doing everything to help businesses and Veterans in this struggling economy. Businesses and Veterans can help themselves by supporting and promoting the Vow to Hire Heroes Extension Act. Please contact your elected officials at www.senate.gov and www.house.gov and urge their support.