Advertisement

You will be redirected to the page you want to view in  seconds.

Congress passes tax credits for vet employers

Jan. 2, 2013 - 03:56PM   |   Last Updated: Jan. 2, 2013 - 03:56PM  |  
  • Filed Under

The tax extender bill passed on New Year's Day by Congress includes five work opportunity tax credits aimed at encouraging businesses to hire veterans.

Called the Returning Heroes and Wounded Warriors work opportunity tax credits, the programs pay between $2,400 and $9,600 to businesses who hire veterans.

President Obama has promised to sign the measure, and the Treasury Department says it is working on how to handle the tax-related provisions.

The tax credits are included in the same bill passed to avoid the so-called fiscal cliff that extends other income and business tax breaks and postpones for two months the across-the-board cuts that were supposed to be ordered Jan. 2 because Congress and the White House have not been able to agree on a $1.2 trillion deficit reduction package.

All five tax credits are extended for one year, until Dec. 31, 2013, by the American Taxpayer Relief Act, as are other non-veteran work opportunity tax credits.

Two of the tax credits are each worth $2,400. One is for veterans whose families are receiving supplemental nutrition assistance. The second is for short-term hiring of unemployed veterans.

Also extended are a $4,800 tax credit for hiring a veteran discharged within the previous year who has a service-connected disability; a $5,600 tax credit for hiring a veteran who has been unemployed for an extended period; and a $9,600 tax credit for hiring a service-disabled veteran who has been unemployed for an extended period.

Answers sponsored by RallyPoint

Join trending discussions in the military's #1 professional community. See what members like yourself have to say from across the DoD.

More In Jobs for Veterans

Start your day with a roundup of top defense news.

VA Home Loan
Rates

Search By:

Product Options:
Zip Code:

Free Military Times Careers Newsletter

Stay up to date on current career and employment news.



This Week's Army Times

This Week's Army Times

This job will get you promoted
Army's new program elevates role of AIT platoon sgts.

Subscribe for Print or Digital delivery today!

Classifieds
MilitaryTimes Green Trusted Classifieds Looking to buy, sell and connect on Military Times?
Browse expanded listings across hundreds of military installations.
Faces of valorHonoring those who fought and died in Operations Iraqi Freedom and Enduring Freedom.
hall of valorThe Hall of Valor is a searchable database of valor award citations collected by Doug Sterner, a Vietnam veteran and Military Times contributing editor, and by Military Times staff.
Woman who cried rape
(3 replies)
   Last Post: TJMAC77SP
        May 3, 2014 1:32 PM
   Last Post: garhkal
        May 1, 2014 5:03 PM
Cliven Bundy
(45 replies)
   Last Post: Chief_KO
        Apr 26, 2014 9:49 AM
Handbooks

All you need to know about your military benefits.

Benefits handbook

Guard & Reserve All you need to know about the Guard & Reserve.

guard and reserve handbook