We know that veterans make good employees, but were you aware that when you hire veterans, you’ll make extra money?
Thanks to our state legislature, a new tax credit for hiring veterans went into effect as of October 1st.
When you hire veterans who were honorably discharged and have been unemployed for more than 30 days, your company will be eligible for a B&O or public utilities tax credit of 20% of their total wages and benefits, up to $1,500 per veteran.
That’s money in your pocket!
Here’s how the tax credit works:
When you hire veterans, they must have full-time positions (35+ hours/week) and work for your business for two full consecutive quarters to qualify for the new tax credit.
- Right now there is a statewide maximum of $500,000 per year allocated to the program
- The tax credit is applied on a first come basis
- The program runs through 6/30/22
Check out Washington’s Department of Revenue for more information about the new tax credit for companies that hire veterans.
It pays to hire veterans:
Combined with other incentives, such as the Work Opportunity Tax Credit, it can really pay off to hire a veteran!
This is good news for the 340,000 veterans in our state’s workforce, who face a 6.3% unemployment rate. And it’s good news for businesses who not only get great employees, but also a benefit to their bottom lines!