Gadsden, Alabama–November 19, 2011– TaxBreak, the tax credit experts, proudly stands ready to lead the industry effort to identify, screen and certify the tens of thousands of veterans whose new employment would make hiring companies eligible to claim the Federal Work Opportunity Tax Credit (WOTC).
President Obama signed into legislation, the VOW to Hire Heroes Act signed into law a bill that incentivizes businesses to offer America’s veterans work opportunities. This legislation represents a portion of President’s Obama’s American Job Act, as it offers significant tax credit incentives for companies to hire unemployed veterans.
This legislation answers the call for assistance of the 22 million veterans that have struggled to resume employment upon their return of active duty. Unemployment among veterans returning from Iraq and Afghanistan has risen to 12.1 percent nationally, up from 10.6 percent from a year ago. 240,000 young veterans from Iraq and Afghanistan are unemployed nationwide. An astonishing 21.9 percent of male veterans aged 18-24 who have served since September 11th were unemployed last year, according to data recently released by the Bureau of Labor Statistics.
The VOW to Hire Heroes Act addresses employment opportunities on multiple levels. The bill aims to help veterans through two distinct tax credits programs. The Returning Heroes Tax Credit is a new hire tax credit that will provide an tax credit incentives ranging from $2400, for veterans that have been unemployed for as little as four weeks to $4800 for veterans who have been unemployed longer than 6 months. The Wounded Warrior Tax Credit will double the existing tax credit for long-term unemployed veterans with service-connected disabilities. It will also significantly increase (up to $9,600) the existing Work Opportunity Tax Credit for veterans with service-connected disabilities for firms that hire veterans with service-connected disabilities, who have been unemployed longer than 6 months.
“As the CEO of TaxBreak, a company that experiences first hand the positive impact new hire tax credit incentives have for both the individuals seeking employment and the hiring businesses, we are very pleased to see President Obama and Congress signing into law such beneficial legislation,” said Shannon Scott, CEO of TaxBreak. “Our hope is that this is just the first in a line of Work Opportunity Credits, the Government is willing provide in order to help all Americans get back to work.”
As the tax credit experts with over 13 + years of experience in tax credit processing and a sole focus on driving client profitability through tax credit recovery, TaxBreak will assist all businesses seeking to employ veterans and explore all WOTC credits in the hiring process.
Founded in 1998, TaxBreak’s recognition as a trusted, industry leader is evident through our long-standing relationships with government agencies and our exclusive, direct technical integration with numerous government systems. It’s longevity in the industry and proprietary technologies, has given us robust knowledge of all forms of new hire tax credits including over 3,000 State credits and WOTC opportunities. To learn more about TaxBreak expertise please visit our website at www.taxbreakcredits.com or via contact TaxBreak via email at firstname.lastname@example.org.
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