Did you know? - The Work Opportunity Tax Credit for Hiring Veterans

From:    The Recruitment, Hiring, Retention & Engagement of Military Veterans

In addition to the numerous and diverse skills that veterans bring to the civilian workforce, there is an additional benefit to hiring them: The Work Opportunity Tax Credit (WOTC) is a federal tax credit available to employers for hiring individuals from certain target groups (see Veteran Target Groups, below) who have consistently faced significant barriers to employment. Employers can earn up to $10,000 in federal and state tax credits. For each veteran hired, the federal government gives from $2,400 to $9,600 for the first year of employment. The amount of tax credit depends on certain criteria, including the number of hours employed during the first year, disability status (particularly service-connected disabilities), unemployment status, and receipt of vocational rehabilitation services from a state certified agency or the U.S. Department of Veterans Affairs (VA).