Finance News & Insights

New legislation would extend much-needed tax break

Keep your eyes on this bill as it travels the Senate floor – it could mean great news for your business.

U.S. Senators Max Baucus (D) and John Tester (D), both from Montana, have introduced the Veteran Employment Transition Act of 2013. This bill aims to boost employment opportunities for unemployed veterans by rewarding employers a $2,400 tax credit if they decide to hire a veteran who has been discharged within the last five years.

Baucus said in a statement, “After defending our nation on the battlefield, all too many veterans are facing a new battle when they come home – the battle to find good paying jobs. This bill will be a big boost for veterans of Iraq and Afghanistan, making it easier for business owners in Montana and across the country to fill job openings with hard-working vets.  Our veterans are intelligent, qualified and proven leaders, and this is our chance to fight for them on the home front.”

As of December, the unemployment rate among post-9/11 veterans was 10.8%, compared to the overall unemployment rate  of 7.8%. The bill acts as an improvement to the existing Work Opportunity Tax Credit and, aside from the $2,400 credit, would make it easier for employers to qualify for the credit. Veterans would only have to show their discharge papers showing they were discharged no more than five years before being hired. Currently, employers have to verify set criteria with individual state employment agencies before collecting the credit.

Print Friendly

Subscribe Today

Get the latest and greatest finance news and insights delivered to your inbox.