Wednesday, January 15, 2014

Veteran Tax Credit Expires

The Returning Heroes and Wounded Warrior Tax Credits, which benefits employers with a tax credit for hiring veterans and disabled veterans, expired on January 1st.

The Returning Heroes and Wounded Warrior Tax Credit provides incentives of up to $5,600 for hiring qualified unemployed veterans, and the Wounded Warriors Tax Credit doubles the existing Work Opportunity Tax Credit for long-term unemployed veterans with service-connected disabilities to up to $9,600. Read more about the specifics of each tax credit for hiring veterans.

In 2013, more than 50,000 certifications were given to employers across the nation, and according to the Department of Labor, the program nets more than $1 billion for employers on an annual basis.

The credits were extended at the end of 2012 into 2013, so there is a possibility that they will be extended again in 2014, though no word from Congress yet. However, there is still a chance that Congress could extend those tax credits in the next month or two.

Veteran advocates across the country are pushing for a permanent extension of the credits, including Representative Bruce Braley, an Iowa Democrat. “It’s unacceptable that Congress adjourned for the year before extending the veterans job creation credit for businesses,” Braley stated. “When Congress returns in January, it should immediately pass a permanent extension of this credit, making it retroactive to Jan. 1st.” Capitol Hill has continued to remain silent on the issue.

With the closing of these tax credits doesn’t mean that your company should stop hiring veterans! Veterans are a guaranteed good hire because of their commitment, loyalty, and leadership abilities, qualities that do not come easy in today’s hiring market. More reasons why hiring military is a good idea for your company.

Orion International will keep you up to date and let you know if and when the Returning Heroes and Wounded Warrior Tax Credits are extended or revised. We continue to applaud your efforts to hire our returning heroes!

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