Partnering with abilityfocused Staffing is about “breaking down the employment barriers for all protected classes including Veterans and people that have differing abilities - at the same time leveraging the benefits of the Federal tax credit available to employers.
The Work Opportunity Tax Credit (WOTC) is a Federal tax credit available to employers who hire individuals from eligible target groups with significant barriers to employment. Each year, employers claim over $1 billion in tax credits under the WOTC program. The success and growth of this income tax credit for business is beneficial for all who participate, while increasing America’s economic growth and productivity.
The military prepares a soldier’s body and mind for battle, but it also prepares them for work outside the military. Veterans are a valuable asset for any company or corporation. Their unique discipline and experience make them an excellent hire for nearly any type of job. Many employers already understand this benefit, but do not know that hiring a veteran can also have a financial benefit too.
Special Employer Incentives (SEI) program is for eligible Veterans that face extraordinary obstacles to obtaining employment. The Department of Veterans Affairs Vocational Rehabilitation and Employment program provides eligible veterans an opportunity to obtain training and practical hands-on experience concurrently through the SEI program. Veterans are hired by participating employers at the onset of the SEI program and employment is expected to continue following successful completion of the SEI program. As a result, the SEI program is beneficial for both employers and Veterans. Employers who hire veterans receive:
The Returning Heroes Tax Credit is a new hiring tax credit that incentives firms to hire unemployed veterans.
o Short-term unemployed: A new credit of 40 percent of the first $6,000 of wages (upto$2,400) for employers who hire veterans who have been unemployed at least 4 weeks.
o Long-term unemployed: A new credit of 40 percent of the first $14,000 of wages (upto$5,600) for employers who hire veterans who have been unemployed longer than 6 months.
The Wounded Warrior Tax Credit doubles the existing tax credit for long-term unemployed veterans with service- connected disabilities.
o Maintain the existing Work Opportunity Tax Credit for veterans with service-connected disabilities (currently the maximum is $4,800).
o A new credit of 40 percent of the first $24,000 of wages (up to $9,600) for firms that hire veterans with service- connected disabilities who have been unemployed longer than 6 months.
The Workforce Opportunity Tax Credit (WOTC) program is a Federal tax credit available to employers for hiring individuals from certain target groups who have consistently faced significant barriers to employment. This tutorial provides employers with an introduction to WOTC, details on what workers are eligible and other program requirements, and a step-by-step guide on how to apply for the tax credit.