The Wounded Warrior Tax Credit

• Posted by The Larry Martin Foundation® December 9, 2011 - #veterans back to work. The Wounded Warrior Tax Credit. The Returning Heroes Tax Credit.  - 884 views
  
  

  AN UPDATE FROM OUR NATION'S CAPITAL

  December 06, 2011

  Dear Friends,

  I write to apprise you of recent action I have taken to help get our nation’s veterans back to work.  
  
  On November 16, 2011, I was very pleased to join my colleagues in the House in the unanimous passage of H.R. 674, the VOW to Hire Heroes Act of 2011. Subsequently, on November 21, 2011, this much needed piece of legislation was signed into law by President Obama.
  
  What will this law do?
  
  This law provides tax credits for businesses that hire unemployed veterans or veterans with service-connected disabilities. The law also takes steps to provide all service-members transitioning to civilian life the job training and skills they need to find a job.
  
  What are the tax credits for employers?
  
  The Returning Heroes Tax Credit:

  • Creates a new credit of 40 percent of the first $6,000 of wages for employers who hire veterans who have been unemployed at least 4 weeks
  • Creates a new credit of 40 percent of the first $14,000 of wages for employers who hire veterans who have been unemployed for more than 6 months

  The Wounded Warrior Tax Credit:

  • Maintains the existing Work Opportunity Tax Credit for businesses who hire veterans with service-connected disabilities (a maximum of $4,800 per year)
  • Creates a new credit of 40 percent of the first $24,000 of wages for businesses that hire veterans with service connected-disabilities who have been unemployed longer than 6 months

  As your Member of Congress, I am committed to ensuring that our veterans receive the support that they deserve when they return home. We in this country owe our veterans and military retirees a great debt of gratitude for the sacrifices they have made for the rest of us, and I intend to make sure we pay that debt to those who gave so very much.
  
  If you would like to receive regular news updates for Northwest Indiana residents, please click here. For additional information regarding the First Congressional District of Indiana, please visit my website, Facebook, Twitter, YouTube, or Flickr pages.
  
  As always, please feel free to contact me if I can be of assistance.

  Sincerely,
  
  Pete Visclosky 
  Member of Congress