Veteran Hiring Credits
Do you know a military veteran in search of a job? When you recruit from this group, you bring jobs to the the men and women who have protected our country.
Not only can your hiring practices benefit military veterans in need of work. You could also qualify for the federal Work Opportunity Tax Credit (WOTC). This incentive awards up to $2400-9600 per eligible applicant to businesses nationwide. Military veterans fit WOTC requirements as long as they meet these subcategories.
1.) Long Term Unemployed Veterans- These applicants are considered as long as one of two criteria are met:
- They were without work at least four weeks during the twelve months before their hire date.
- They received unemployment compensation for 27 weeks or longer in the year before their hire date.
2.) SNAP beneficiaries or recipients- Veterans are eligible if they or family members receive SNAP aid. This target group must have received assistance at least three months during the fifteen month period ending on their hire date.
3.) Disabled veterans- WOTC representatives consider this target group if either of the following apply:
- Hired within a year of discharge or release from active duty.
- Unemployed at least six months in the year prior to hire.
Applying for WOTC is a simple process. New hires complete IRS Form 8850 and 9061. These applications must be submitted to state workforce agencies within 28 days of new hires’ start dates. Applicants need to work a minimum of 120 hours during the year once they are hired. The credit is calculated, based upon the hours and wages paid during the new hire’s first year of work.
If you would like to learn more, call us at 563-663-1656. Try our savings calculator to see how much your business could be awarded with the WOTC incentive.