Senator Gillibrand: Tax Credits for Businesses Who Hire Vets
recently joining the Senate Armed Services Committee, U.S. Senator Kirsten Gillibrand
(D-NY) held a roundtable today to discuss solutions to the burgeoning military veteran
unemployment issue. The round table sought to offer meaningful solutions to encourage
the hiring of military veterans, including tax incentives for business that hire recently
discharged military personnel. This is not Senator Gillibrand’s first foray into legislative
remedies to this social problem. Indeed, Senator Gillibrand was instrumental in passing
President Obama’s American Recovery and Reinvestment Act. Among other things, that
legislation expanded the Work Opportunity Tax Credit (WOTC) to include “Unemployed
Veterans”, defined as individuals who were discharged or released from active duty
from the Armed Forces during 2008, 2009 or 2010 and received unemployment compensation
for more than four weeks during the year before being hired. Statistics from the Bureau
of Labor indicate that over 15 percent of veterans who have served post 9/11 are unemployed.
Says Senator Gillibrand,
fulfilled their duty to our country, and now we have a moral responsibility to provide
veterans with a good-paying job and real economic opportunity. The work ethic and
character of these veterans make them the most productive and successful members of
our workforce, but we have to make sure they have all the tools they need to be successful.
The members of our military put their lives on the line to keep us safe, yet struggle
to find jobs when they come home.”
WOTC tax credit can mean thousands of dollars in business tax incentives per hire.
However, the extension of the WOTC credit to include unemployed veterans expired at
the end of 2010. Senator Gillibrand is seeking to make this extension permanent.
press release here
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