Mikulski, Cardin Announce Maryland Tax Credit For Businesses That Hire Veterans
Press Release
U.S. Senators Barbara A. Mikulski and Ben Cardin (both D-Md.) today announced important information for Maryland businesses that are looking to take advantage of the expanded Work Opportunity Tax Credit (WOTC), which is now available to businesses and certain tax-exempt organizations that hire eligible unemployed veterans. The tax credit is included in the bipartisan VOW to Hire Heroes Act of 2011, which Senators Mikulski and Cardin supported, and provides veterans with job training and education while encouraging businesses to hire disabled and unemployed veterans. The legislation comes as the national unemployment rate for Iraq and Afghanistan remains disproportionately high.
"Our men and women in uniform who have fought for our freedom shouldn't have to fight for a job when they get home," Senator Mikulski said. "We have a sacred trust with those who have risked their lives so that we may live in freedom. Part of that sacred trust is making sure we provide them with the opportunity to lead successful lives. This tax credit supports veterans looking for jobs to support their families while benefiting the businesses that hire them."
"Unemployment among our veterans is higher than the national average and that's just wrong," said Senator Cardin. "This law will encourage employers to hire veterans, including those with service-related disabilities, and provide a greater opportunity for members of the military to transition from military to civilian life. This incentive to businesses to hire veterans is the right thing to do because it will help ensure that veterans find the jobs they need to support their families."
The credit can be as high as $9,600 per veteran for for-profit employers or up to $6,240 for tax-exempt organizations. Employers who hire veterans with service-related disabilities may be eligible for the maximum credit. The law allows employers one tax credit per eligible veteran hired. Other factors that affect the amount of the credit include the length of the veteran's unemployment before hire, hours worked, and the amount of wages paid.
More information about this new tax credit:
The IRS has recently 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
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