U.S. Senator Debbie Stabenow today announced legislation that helps Michigan businesses take advantage of a new tax credit to hire veterans. The VOW to Hire Heroes Act of 2011, which was cosponsored by Senator Stabenow and enacted last November, included an expanded Work Opportunity Tax Credit which is now available to businesses and certain tax-exempt organizations that hire eligible unemployed veterans.
Senator Stabenow said, "It is important that we keep our promises to our veterans who have made a lasting sacrifice to our country. No veteran should stand at the back of an unemployment line, and we owe them our unwavering support. I am glad that this tax credit to help America's one million unemployed veterans get back to work is now taking effect."
With the Work Opportunity Tax Credit, a for-profit employer is able to receive up to $9,600 for each veteran hired, and for tax-exempt organizations, up to $6,240. The law allows employers one tax credit per eligible veteran hired.
The IRS has released the guidance and forms that employers can use to claim the newly-expanded tax credit for hiring veterans. For further details, including forms and filing deadlines visit: http://www.irs.gov/businesses/small/article/0,,id=253949,00.html