Hire A Veteran And Get A Tax Credit
November 11, 2011
An amendment to a U.S. Senate bill to repeal the federal 3 percent withholding mandate would give tax credits to companies that hire veterans. The Senate unanimously approved legislation Nov. 10; it must now go back to the House, which is expected to approve it. And President Barack Obama indicated he will sign the amended bill.
For each veteran hired who has been unemployed for at least six months, companies will receive a $5,600 tax credit. A smaller credit will be given for veterans unemployed for less than six months. Companies also would be offered a $9,600 tax credit for hiring out-of-work veterans with service-related disabilities.
The International Franchising Association launched its Operation Enduring Opportunity, which includes the commitment of more than 825,000 franchise establishments to hire and recruit 75,000 veterans and 5,000 wounded warriors by 2014.
Unemployment among veterans is almost 12 percent, while the overall U.S. rate is 9 percent. However, unemployment among the youngest veterans - 18 to 24 - is at 30 percent.
Do you have room in your organization to hire a veteran?