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Tax Incentives for Military Veterans in Business

  • 25 August 2015
  • Author: Cari Holbrook
  • Number of views: 2332
  • 0 Comments
Tax Incentives for Military Veterans in Business

San Antonio has always been a proud military community. Employing military veterans during and after active duty helps maintain the strong, dedicated workforce that makes our community great. Plus, many employers find the work ethic, communication skills and other strengths common among military veterans make them strong team members. If you’re a military veteran, choose to work with military veterans or you hire military veterans as employees, there is an added benefit as well: tax incentives.

 

Work Opportunity Tax Credit 

Employers who hire veterans under the Work Opportunity Tax Credit (WOTC) may be eligible to receive federal tax credit of up to $9,600 per qualifying employee.  This includes the following categories:

Wages Up To

For-Profit 25%

For-Profit 40% 

Non-Profit 16.25%

Non-Profit 26%

Disabled veterans with a service-connected disability who have been unemployed for at least 6 months

24,000

6,000

9,600

3,900

6,240

Veterans who have been unemployed for at least 6 months

14,000

3,500

5,600

2,275

3,640

Disabled veterans with a service-connected disability

12,000

3,000

4,800

1,950

3,120

Veterans receiving Supplemental Nutrition Assistance Program (SNAP) benefits

6,000

1,500

2,400

975

1,560

Veterans who have been unemployed for at least 4 weeks

6,000

1,500

2,400

975

1,560

State of Texas Tax Reductions

 Employers who hire military veterans on the Federal Temporary Assistance for Needy Families (TANF) program or Medicaid may also receive a State of Texas Tax Refund of up to $2,000 per qualifying employee. To qualify, the employer must have also paid part of a qualifying employee’s HMO plan, self-funded or self-insured ERISA plan, or a health plan approved by the Texas Commissioner of Insurance.

If you’re interested in looking into any of these options or want to know if your dedication to employing military veterans makes you eligible, feel free to contact us. And, for more resources on employing military veterans in Texas, contact the Texas Workforce Commission.

 


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