New Bill Would Give Tax Credits for Hiring Vets
By Stephanie Gaskell
NY Daily News
February 4, 2009
Rep. Peter King (R-N.Y.) has introduced a bill in Congress called the Jobs for Veterans Act. It offers tax incentives to businesses that hire Iraq and Afghanistan veterans.
“Many Americans are feeling the impact of the economy,” King told War Zone. “But our youngest and newest veterans seem to be hit the hardest in their search for employment. My legislation not only encourages job creation for these veterans, but also provides tax relief to business that may also be struggling.”
The legislation would create a $5,000 nonrefundable tax credit for employers who hire Iraq and Afghanistan veterans for more than 10 weeks, or 400 hours of work. The credit can be applied to any vet discharged or released from active duty after Sept. 11, 2001 and will be available until 2011. Since tax credits are already offered for disabled veterans, this credit may be claimed in addition to those tax credits to encourage the hiring of disabled vets.
“The transition from combat to civilian life can be a difficult experience that is made much worse when greeted with high rates of unemployment,” said King, who served with the New York Army National Guard’s legendary Fighting 69th. “Our veterans put their lives on the line for us and we owe it to them to make the move back home as easy and opportunity-rich as possible.”