Work Opportunity Tax Credit

By June 10, 2012February 3rd, 20142012, Tax Tips

The Three Percent Withholding Repeal and Job Creation Act, P.L. 112-56, extended the work opportunity tax credit (now called the returning heroes and wounded warriors work opportunity tax credits) for businesses that hire certain military veterans. Employers are eligible for a credit of up to $9,600 for each qualified veteran that they hire after the law’s enactment (Nov. 21, 2011) and before Jan. 1, 2013. Tax-exempt organizations can qualify for a credit against their share of the Federal Insurance Contributions Act (FICA) tax they pay on wages to qualified veterans, provided the veterans are performing services related to the organizations tax-exempt function.

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