President Obama signed HR 674 — making two unemployed veteran target groups official, starting on the day after the enactment date of Nov. 21, 2011.
New Unemployed Veteran Target Groups:
- 4 weeks: Gives employers a tax credit of up to $2,400 for hiring veterans who have been looking for a job for at least four weeks
- 6 months: A generous $5,600 tax credit is provided for hiring veterans who have been unemployed and available for work for six months or more
The tax credit for the disabled veteran target group (those with service-connected disabilities), which is already in effect, has been doubled to $9,600.
But keep in mind these new veteran tax credits are only approved until the end of 2012.
More Discussion at the Knowledge Exchange
I will be analyzing recent and pending changes of these, and a number of other employer tax credits, during an education session at the Knowledge Exchange on March 22 in Dallas, Texas.
Michael Lancey, MBA, EA, CHAE, is a tax credit advisor for Mckenzie Chase Management, Inc. You can connect with him on Twitter and Facebook.