Braley Announces Veteran Employment Tax Credit Bill
Press Release
This week, Congressman Bruce Braley (IA-01) is introducing a bill to cut payroll taxes for businesses that hire unemployed veterans. The Combat Veterans Back to Work Act provides employers with a payroll tax break if they hire recently returned veterans, including members of the Iowa National Guard, who are unemployed. Currently, approximately 600 Iowa Guardsmen, who recently returned from Afghanistan, are looking for work.
"After their distinguished service in Afghanistan, we should do all we can to help members of the Iowa Guard find employment in their civilian lives," said Rep. Braley. "This legislation will support our friends and neighbors in the Iowa National Guard, Reserves, and veterans who have recently returned home and face a difficult job market."
"Thousands of Iowans have returned home after serving overseas this past year. Now we must support them and bring their experience and talent back into the Iowa workforce."
The Combat Veterans Back to Work Act will exempt small businesses from paying the employer's share of the Social Security tax for up to one year through December 31, 2012 -- if they hire current members of the National Guard or Reserve, or any veteran who has returned from deployment within the last 18 months and is currently unemployed. Employers who keep eligible employees on the payroll for 52 consecutive weeks will receive an additional $1,000 tax credit.
Congressman Braley has worked closely with the Iowa National Guard throughout his time in Congress. Last week, he met with Iowa National Guard leaders and their partners at Camp Dodge to discuss employment initiatives for returning Iowa service members. In 2010, he secured long-overdue back pay for nearly 650 members of the Iowa National Guard and over 22,000 National Guard troops nationwide. Prior to that, Congressman Braley led an investigation that resulted in nearly 3,500 members of the Iowa National Guard receiving their GI Bill education benefits, after these benefits were initially denied by the Pentagon.
Congressman Braley currently serves on the U.S. House Committee on Veterans Affairs, and as Ranking Member of the Subcommittee on Economic Opportunity.
This week, Congressman Braley will hold events in Cedar Rapids (Tuesday), Des Moines (Wednesday) and the Quad Cities (Thursday) to inform Iowans of this legislation.
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