An important Tax Credit that helps veterans find work is set to expire by the end of the month. Hiring a Veteran, can save an employer thousands of dollars.
Guy Peter Marquis is in the market looking for work.
Peter marquis, “I graduated from the university of Maine at Presque Isle this past spring with a business administration degree and i’m looking into that field.”
Marquis is also a veteran who spent time in Iraq with many responsibilities and struggles. Now, the struggle is getting a job.
Marquis says, “it’s been a struggle because everybody is not hiring or they’re not looking for entry level type positions most likely and it’s difficult.”
But Marquis is someone who qualifies for the Work Opportunity Tax Credit that the IRS says employers should take advantage of. The credit program was actually expanded in Aroostook County about 5 years ago.
Tim Poitras, from Chester M. Kearney in Presque Isle says, “the basis of the credit is they receive a 40 percent credit over the first 6,000 dollars of wages, for 24 hundred dollars maximum, a veteran can get double that.”
And that’s for 40 percent of their first 12 thousand dollars of wages for a maximum credit of 48 hundred dollars.
Poitras says, “they also have what they call now the wounded warrior credit and that actually extends the credit to 40 percent of their first 24 thousand dollars of wages for a maximum of 96 hundred dollars.”
But this is not an automatic credit to the employer. The employer and employee have to fill out the pre-screening form 8850 when a job offer is made. Then submit it to the state’s Work Force Agency within 28 days.
SOT: (guy Peter Marquis)
“I just hope that the local communities can support their fellow veterans, I mean there’s a lot of veterans here in the county, as well as in the state.
VO: This Work Opportunity Tax Credit program ends December 31st of this year. So the IRS says if an employer plans to hire before January 1st of the new year, they should consider hiring a qualified veteran.
The Work Opportunity Tax Credit was set to expire at the end of 2012. But the American Taxpayer Relief Act of 2012 extended it for one year. For more details on the credit program, visit <http://www.doleta.gov/business/incentives/opptax/> Or visit IRS.gov.