Title II, Subtitle A, Section 201 of the American Jobs Act 2011 proposed by President Obama would increase the tax credits currently available to employers who hire covered veterans.
Under current law, the Work Opportunity Tax Credit (WOTC), IRS Form 5884 provides eligibility for a maximum tax credit of $4,800.00 to those employers that hire veterans who have been unemployed for at least six months and have a service-connected disability. This section of the American Jobs Act 2011 would increase that tax credit to $9,600.00. This section also creates two new credits for hiring veterans. This first is a credit of $2,400 for employers that hire veterans who have been unemployed for at least 4 weeks. The second is a credit of $5,600 for hiring veterans who have been unemployed for at least 6 months. Under this section these credits are also available to tax-exempt entities and public universities.
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