The Hire A Hero Act of 2024 expands the federal Work Opportunity Tax Credit to include small businesses that hire members of the Ready Reserve or National Guard. Currently, this tax credit applies to hiring certain disadvantaged groups, but this bill adds military reservists and National Guard members as a newly eligible category. The credit takes effect immediately for wages paid after the bill's enactment and applies to current employees already working for eligible small employers as of the law's passage date. The bill also makes the tax credit for hiring qualified veterans permanent rather than temporary. Additionally, the legislation provides that U.S. territories with their own tax systems will receive federal payments to compensate for any tax revenue losses resulting from the expanded credit, ensuring they are not financially harmed by the change.
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