New Tax Credit – Delaware’s “Veterans Opportunity Tax Credit" Signed by Governor

On March 16, 2012, the WOTC Planet told you about Delaware Governor Jack Markell’s support of a new tax credit for employers that hire military veterans in the State of Delaware.  Almost five months later, we have more good news.
The Veterans Opportunity Tax Credit program was signed by the Governor on July 31st.
The new program provides a tax credit equal to 10% of the qualifying employee’s wages, with a maximum annual credit of $1,500.  The credit can be claimed for up to 3 consecutive years, resulting in a maximum 3-year credit of $4,500.
The tax credit program is effective for hire dates from January 1, 2012 through December 31, 2015.  It focuses narrowly on a qualifying group of honorably discharged veterans who served in oversees missions, and who work at least 185 days during the applicable tax year(s).  In part, the bill reads as follows:

“Qualified military service” means military service for which a veteran received: (i) the Afghanistan Campaign Medal; (ii) the Iraq Campaign Medal; or (iii) the Global War on Terrorism Expeditionary Medal.

“Qualified veteran” means either a Delaware resident who engaged in qualified military service, or a nonresident who, as member of the Delaware National Guard, engaged in qualified military service, and who: (i) has provided to the qualified employer documentation showing that he or she was honorably discharged or is a current member of a National Guard or Reserve unit; and (ii) was initially hired by the qualified employer on or after January 1, 2012 and prior to January 1, 2016.

Read the entire bill and its legislative history here on the Delaware General Assembly’s website.

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