Military downsizing presents opportunity, challenge for employers

March 16, 2014 0 COMMENTS

A thread running through a succession of news stories is sending a clear message to employers: The military is shrinking its ranks and the pressure is on civilian employers to hire more veterans.  VeteransAtWork

U.S. Secretary of Defense Chuck Hagel announced new downsizing plans for the nation’s armed forces in February, explaining that budget cuts are going so deep and coming so quickly that “we cannot shrink the size of our military fast enough.”

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New Tax Credits Available for Hiring Veterans

February 19, 2012 0 COMMENTS

By H. Mark Adams and B. Trevor Wilson

Employers now have a powerful new incentive for hiring recently discharged and other unemployed veterans. Under the Veterans Opportunity to Work (VOW) to Hire Heroes Act of 2011, enacted by Congress this past November, employers may receive significant income work opportunity tax credits for hiring unemployed veterans, including:

  • 40 percent of the employee’s first year’s wages, up to $6,000 (i.e., a tax credit of up to $2,400) for each veteran hired who receives Supplemental Nutrition Assistance Program benefits;
  • 40 percent of first-year wages, up to $6,000 (i.e., a tax credit of up to $2,400) for each veteran hired who was unemployed for a period of at least four weeks but less than six months during the year ending on the hire date;
  • 40 percent of first-year wages, up to $12,000 (i.e., a tax credit of up to $4,800) for each veteran hired who has a service- connected disability and is hired not more than one year after being discharged or released from active duty; read more…