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Almost 150 years ago, Abraham Lincoln set a national priority to "care for him who shall have borne the battle, and for his widow, and his orphan." The Work Opportunity Tax Credit as expanded by the VOW to Hire Heroes Act of 2011 supports that cause.
The expanded WOTC provides a significant tax credit to employers who hire certain veterans. The credit is up to $9,600 per qualifying veteran hired by for-profit businesses (up to $6,240 for tax-exempt organizations).
Employers hiring veterans with service-related disabilities may be eligible for the maximum tax credit. Other factors affecting the credit amount include the length of the veteran's employment before being hired, the number of hours the veteran works and the veteran's wage amount during the first year of employment.
Veterans must begin work by year's end for the employer to be eligible for the credit.
For details, search for "WOTC" at www.IRS.gov.
JENNIFER A. JENKINS
Internal Revenue Service
Field Media Relations
Columbus, Ohio
First Published November 18, 2012 12:00 am
