Proposal Simplifies Tax Breaks for Businesses that Hire Veterans

Press Release

As the nationwide unemployment rate hovers around 10 percent, Congress aims to decrease unemployment among veterans who have recently left active duty by increasing tax credits for businesses.

Newly introduced bipartisan and bicameral legislation introduced by Representative Tim Walz (D-MN) and lead Republican Co-Sponsor, Representative John Boozman (R-AR), Ranking Member of the Veterans Affairs Subcommittee on Economic Opportunity, simplifies the administrative process for employers to receive tax relief for hiring veterans who have left the service in the last five years and are seeking employment. The legislation would also provide veterans with information on how to market themselves to employers who can benefit from this tax credit.

"Our servicemembers possess job skills that employers are seeking everyday. This legislation removes much of the bureaucratic red tape that has prevented veterans and small businesses from benefiting from this existing incentive to hire a veteran," Boozman said. "This legislation is a win for our veterans and their families, as well as a win for small business."

"When the brave men and women who serve our nation in uniform leave to deploy overseas, they don't just leave behind their family and friends, often times they leave behind jobs and livelihoods as well," said Walz, a member of the House Veterans' Affairs Committee. "After the sacrifices they have made, making sure that they have access to a good paying job to support their families when they return is the least we can do," Walz said.

The latest report from the Bureau of Labor Statistics shows that over one million veterans are now unemployed and the unemployment rate among veterans ages 18 to 24 is at the alarming rate of 20%.

The House legislation, H.R. 5400, has a companion bill in the Senate introduced by Sen. Max Baucus (D-MT).

Source