Today, Congressman Sires joined his colleagues in the House of Representatives in passing H.R. 674, the Three Percent Withholding Repeal and Job Creation Act. This bill, which unanimously passed the House of Representatives, will help small businesses and decrease the national unemployment rate for veterans.
"The legislation will not only help hire veterans, but also provide our veterans with the specific tools necessary to transition back into the civilian workforce," said Congressman Sires. "By encouraging the hiring of veterans, this bill will prioritize helping those who have bravely served our country."
H.R. 674 includes measures to help veterans find work by providing tax credits for businesses that hire veterans, including veterans with service-connected disabilities, who have been searching for a job. Additionally, H.R. 674 offers service-members transition support by improving the Transition Assistance Program and allowing service members to begin the federal employment process prior to leaving the military. To further ensure a seamless transition from the military, H.R. 674 creates a retraining assistance program in which veterans receive up to 12 months of education and job training.
The bill also repeals an unpopular 2006 law that requires government agencies to withhold three percent of payments made to government contractors, beginning at the end of next year. The repeal of the withholding requirement will increase the cash flow to private contractors, which can help small business and allow private contractors to reallocate funds to spur job growth.
Last week, H.R. 674 was approved in the Senate and will now be presented for the President's signature to become law.