Jobs for Veterans Act
Today, Representative Peter King (R-NY) introduced the Jobs for Veterans Act (H.R. 620), which offers a tax incentive to businesses that hire Iraq and Afghanistan veterans - a win-win plan to help veterans and businesses get through the tough economy. In 2008, the Department of Labor found the rate of unemployment among veterans to be higher than non-veterans - and impacting our youngest veterans the hardest. The national average unemployment rate rose last month to 7.2%.
"Many Americans are feeling the impact of the economy," said King, "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 businesses that may also be struggling."
The Jobs for Veterans Act creates a $5,000 nonrefundable tax credit for employers who hire a Iraq/Afghanistan veteran for more than 10 weeks/ 400 hours of work. Business owners may carry the credit over to subsequent years, in order to maximize the benefits. Since work opportunity tax credits (WOTC) already exist for disabled veterans, this credit may be claimed in addition to the disabled veterans WOTC, so as not to discourage the hiring of disabled veterans.
"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. "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."