Could employers receive a permanent tax credit for hiring Veterans? Rep. Julia Brownley, D-Calif. recently reintroduced the VOW to Hire Heroes Extension Act of 2019, which would permanently extend the work opportunity tax credit (WOTC) for companies that hire veterans and allow qualified tax-exempt organizations to receive a credit against payroll taxes for hiring a veteran.
“When our nation’s heroes return from service, we must ensure they have access to the resources they need to successfully transition into the job market and support themselves and their families,” said Congresswoman Brownley. “The VOW to Hire Heroes Extension Act of 2019 would help unemployed and service-connected disabled veterans find good-paying jobs and encourage businesses to hire these veterans. This is a win-win for veterans and businesses alike, and I look forward to working with my colleagues in Congress to move this bill forward through the legislative process.”
Since the Qualified Veteran is the only category that both for-profit AND non-profit employers can take advantage of, we are strongly encouraged to hear the news from Rep. Brownley’s VOW to Hire Heroes Extension Act, and we encourage all representatives to support both business and Veterans by voting Yes.
The Work Opportunity Tax Credit is scheduled to expire on January 1, 2020 unless renewed by congress. CMS is watching this closely, and we do expect this valuable tax credit to be renewed. You can sign up for our Work Opportunity Tax Credit newsletter here.