Hire a veteran credit

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20 Jan Hire a veteran credit

You are entitled to this nonrefundable credit if you or your business:

  • hires a qualified veteran who begins his or her employment on or after January 1, 2014, but before January 1, 2016; and
  • employs the qualified veteran in New York State for one year or more for at least 35 hours each week.

You may claim the credit in the tax year in which the qualified veteran completes one year of employment with you. The credit may be claimed for tax years beginning on or after January 1, 2015, but before January 1, 2017.

How much is the credit?

If the qualified veteran is Amount of credit is equal to
 Disabled 15% of the total wages paid to the veteran  during his or her first full year of employment, but the credit cannot be more than $15,000 per veteran
 Not disabled 10% of the total wages paid to the veteran during his or her first full year of employment, but the credit cannot be more than $5,000 per veteran

To claim the credit, the employer must have the veteran certify that he or she meets the requirements of a qualified veteran on form DTF-75.

Source: http://taxfoundation.org/article/2014-tax-brackets

 

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