Proposed Tax Credit for Hiring Recently Discharged Veterans
The US Senate Finance Committee released a bill called the “Veteran Employment Transition Act of 2013”, that was introduced on January 24th, 2013.
This bill would improve the existing Work Opportunity Tax Credit for employers by allowing them to claim a $2,400 credit if they hire any veteran that has been discharged within the last five years. This bill will also make the process by which employers use to qualify for the tax credit even simpler. Veterans would have to show their discharge papers to the employer to validate their discharge date. Under the current rules, employers have to verify a set of criteria with their individual states’ employment agencies before they can claim the credit.
A previous version of this bill was introduced to Congress in January of 2011, and died. The outcome of this has yet to be determined, but with unemployment numbers higher among returning veterans, and changes to the current version, there may not be much opposition this time.
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