New Tax Credits to Help Put Veterans Back to Work
The Vow to Hire Heroes Act of 2011 amends and expands definitions of the veteran target groups for employers hiring veterans through the Work Opportunity Tax Credit program. Employers who hire veterans from one of five target groups can receive a tax credit against their income tax – as much as $9,600 when hiring a veteran who has received unemployment benefits for at least six months and has a service-connected disability. The certification process requires the employer to complete two forms within 28 days of the employee’s start-to-work date.
In an effort to streamline the WOTC application requirements, recent IRS guidance (Notice 2012-13) allows employers to submit a completed and signed Form 8850 to TDOL&WD via a fax transmission. All faxed WOTC applications should be sent to 615-532-1612.
For more information, contact Roger Littlejohn, state WOTC coordinator, at [email protected] or (615) 253-6664