Jack Markell, Governor of Delaware, has had a lot to say lately about a new proposal to help veterans find work in his state. It’s called the Delaware Veterans Opportunity Tax Credit. The Governor publicly announced the proposal yesterday and followed up today with an effective YouTube video discussing the idea.
Unlike most hiring credits, this proposed credit is refundable meaning that even employers without a current state tax liability can benefit from a tax refund. It’s worth up to $4,500.
“The Veterans Opportunity Tax credit would allow any business can take a tax credit of 10% of the gross wages paid to qualified veterans, with a cap of $1,500. The cap would continue for 3 tax years, so the total benefit to the employer could be $4,500 per veteran hired. The credit could be taken by any private sector business, and can be credited against personal income taxes, corporate income taxes, bank franchise taxes and insurance premium taxes. Because the tax credit is refundable, businesses without tax liabilities can use the tax credits immediately.”
Read more on the Governor’s news page.