Origin: Certain employers that hire "qualified veterans" who live and work in Massachusetts may be eligible to claim a tax credit equal to $2,000 for each qualified veteran hired. In order to be eligible for the credit, the employer must (i) employ less than 100 employees; (ii) be certified by the commissioner of veteran's services; and (iii) qualify for and claim the Work Opportunity Credit allowed under I.R.C. § 51, as amended and in effect for the taxable year. In order to claim the credit, the primary place of employment and the primary residence of the qualified veteran must be in Massachusetts. An employer must obtain certification that the veteran is a qualified veteran from the Department of Career Services (or any successor agency), no later than the employee's first day of work. For taxable years beginning on or after January 1, 2024, the amount of credit a business can claim for each qualified veteran it hires has been increased from $2,000 to $2,500. The credit is non-transferrable and non-refundable. However, any excess amount of credit over the tax due may be carried forward up to 3 subsequent taxable years. The total cumulative value of the credits authorized must not exceed $1 million annually. The credit is available for qualified veterans hired after July 1, 2017 for tax years beginning on or after January 1, 2017. See TIR 17-10 for additional details.
Origin: St. 2017, c. 47; M.G.L. c. 63, §38GG
Corporate Excise Tax
Credits Against Tax
2.623
Veteran's Hire Credit
Certain employers that hire "qualified veterans" who live and work in Massachusetts may be eligible to claim a tax credit equal to $2,000 for each qualified veteran hired. In order to be eligible for the credit, the employer must (i) employ less than 100 employees; (ii) be certified by the commissioner of veteran's services; and (iii) qualify for and claim the Work Opportunity Credit allowed under <a href="https://www.law.cornell.edu/uscode/text/26/51" target="_blank">I.R.C. § 51</a>, as amended and in effect for the taxable year. In order to claim the credit, the primary place of employment and the primary residence of the qualified veteran must be in Massachusetts. An employer must obtain certification that the veteran is a qualified veteran from the Department of Career Services (or any successor agency), no later than the employee's first day of work. For taxable years beginning on or after January 1, 2024, the amount of credit a business can claim for each qualified veteran it hires has been increased from $2,000 to $2,500. The credit is non-transferrable and non-refundable. However, any excess amount of credit over the tax due may be carried forward up to 3 subsequent taxable years. The total cumulative value of the credits authorized must not exceed $1 million annually. The credit is available for qualified veterans hired after July 1, 2017 for tax years beginning on or after January 1, 2017. See TIR 17-10 for additional details.
<a href="https://malegislature.gov/Laws/SessionLaws/Acts/2017/Chapter47" target="_blank">St. 2017, c. 47</a>; M.G.L. <a href="https://malegislature.gov/Laws/GeneralLaws/PartI/TitleIX/Chapter63/Section38gg" target="_blank">c. 63, §38GG</a>
0.0
0.0
0.0
0.0
0.5
