Clients should be aware of the new federal tax credit that may benefit the contracting industry. For companies that hire unemployed veterans between November 26, 2011, and January 13, 2013, a tax credit can be taken that varies with the amount of time the veteran was unemployed. For example, for veterans that were out of work for at least six months in the year before they were hired, the employer can take a tax credit of 40% of the first $14,000 of pay to the worker. For veterans that were out of work for between four weeks and six months in the year before they were hired, the employer can take a tax credit of 40% of the first $6,000 of pay to the worker.