Today, Sen. Tom Carper (D-Del.) highlighted key tax credits available to Delaware businesses who hire unemployed veterans and veterans with service-connected disabilities. The VOW to Hire Heroes Act of 2011, enacted last November, expanded the Work Opportunity Tax Credit for businesses and certain tax-exempt organizations that hire eligible veterans. The deadline to qualify for these tax benefits is January 1, 2013.
"As a veteran, I know the sacrifices our service members make by defending our nation," said Sen. Carper. "These brave men and women fight to protect us abroad, and they shouldn't have to fight for a job here at home. That is why I was proud to support the VOW to Hire Veterans Act last year, which provides tax incentives for employers to hire unemployed veterans. Veterans have a lot to offer employers. They are proven leaders who know how to get a job done. As the deadline to qualify for these benefits approaches, I urge Delaware's employers to take advantage of these hiring tax credits and support our ongoing efforts to get our nation's veterans back to work."
The Work Opportunity Tax Credit is a key provision of the VOW to Hire Heroes Act of 2011. VOW is comprehensive legislation designed to lower the rate of unemployment among our nation's veterans while providing employers with the necessary skills and expertise to help their businesses grow. Frequently Asked Questions for the VOW to Hire Heroes Act can be found here.
For employers to be eligible for the Work Opportunity Tax Credit, they must have hired a veteran after Nov. 22, 2011 but before Jan. 1, 2013. The maximum tax credit is $9,600 per worker for employers that operate for-profit businesses, or $6,240 per worker for tax-exempt organizations. The amount of deductions may vary depending on a number of factors, including: the length of the veteran's unemployment before being hired, the number of hours the veteran works, whether the veteran can claim disability status and the amount of the wages the veteran receives during the first-year of employment. More information on the Work Opportunity Tax Credit can be found here.
Currently, there are approximately 857,000 unemployed veterans nation-wide. Sen. Carper, a member of the Veterans Job Caucus in the U.S. Senate, is committed to helping reduce this number and promote the benefits available to veterans when they return home. That is why Sen. Carper launched a comprehensive veteran's page on his website -- carper.senate.gov/veterans -- dedicated to helping Delaware's veterans gain access to important resources and information. The web page is a central clearinghouse of information and resources for veterans of all ages -- ranging from how to claim education benefits to job search guides to where to find your local VA hospital.