OLYMPIA, Wash. - Washington employers could reduce their 2012 federal taxes by up to $9,600 for each eligible military veteran they hire before the end of this year.
The Work Opportunity Tax Credit provides an incentive for employers to hire disadvantaged veterans who fall into at least one of five categories. These include veterans who have been unemployed within the past year, received public assistance in the past 15 months, or have a service-related disability.
There’s no limit on the number of hires an employer can claim, this is a powerful incentive for businesses at a time when veterans are having a harder time than usual breaking into the civilian workforce. - Employment Security Commissioner Paul Trause
To claim the tax credit, employers must submit an application to the state Employment Security Department within 28 days after hiring a veteran. The department will certify whether each hire is eligible, then businesses can claim the tax credit on their 2012 federal tax returns.
So far this year, Employment Security has received more than 2,400 applications for the tax credit from Washington employers and approved about 1,700.
More information about the program is available online at esd.wa.gov (enter WOTC in the search box) or by calling 800-669-9271.
Work Opportunity Tax Credit: http://www.wa.gov/esd/business-services/taxcredits.htm