On November 21, 2011, President Obama signed into law the Vow to Hire Heroes Act of 2011. Section 261 of the Act, the “Returning Heroes and Wounded Warriors Work Opportunity Tax Credits,”
The Tax Credit for Employers extends the current target group for Veterans with a service-connected disability unemployed for at least 6 months with the qualified wages cap increased to $24,000 and the maximum tax credit increased to $9,600.
Establishes a new target group for unemployed Veterans, similar to the Recovery Act of 2009 unemployed Veteran group that expired on December 31, 2010:
Veterans unemployed for at least 4 weeks with a qualified wages cap of $6,000 and maximum tax credit of $2,400.
Veterans unemployed for at least 6 months with qualified wages cap of $14,000 and maximum tax credit of $5,600.
Extends the current target group for Veterans with a service-connected disability with the same qualified wages cap ($12,000) and maximum tax credit ($4,800).