Schock’s Veterans Work Opportunity Tax Credit Finds Success in House Passed Bill
Washington,
Nov 16, 2011 -
Congressman Aaron Schock (R-IL) issued the following statement after voting in favor of legislation today which included language in the welfare to work legislation he introduced earlier this year. The bill that passed today, repealing the 3 percent withholding law, included the expansion of the Work Opportunity Tax Credit through 2012 for the hiring of certain unemployed veterans.
“Having just celebrated Veterans Day, the passing of this legislation, which includes extending the Work Opportuity Tax Credit to employers who hire unemployed veterans, is another way for us to honor our men and women who have served in the military. I believe we need to find every outlet we can to support our vets who face an extraordinarily difficult job market when they return to civilian life.
“There are close to 900,000 unemployed veterans in the United States. This number is only going to continue to rise as thousands of additional men and women return home from Iraq and Afghanistan and other locations around the world. These individuals are highly skilled, well trained and motivated; these are all great qualities that employers are looking for when making decisions to hire new workers. As the economy continues to struggle and our unemployment continues to hover above nine percent, we should be doing all we can to help incentivize the hiring of our veterans.”
Under the bill, veterans who have been unemployed for more than six months (aggregated) for the one-year period prior to the hiring date, are eligible for a credit that would be equal to 40 percent of first-year wages up to $14,000 (for a credit of $5,600). For veterans who have been unemployed for at least four weeks but less than six months (aggregated) for the one-year period before the hiring date, the credit would be equal to 40 percent of first-year wages up to $6,000 (for a credit of $2,400). For qualifying veterans who work less than 400 hours, the credit amount would still be reduced to 25 percent of qualifying first-year wages under the bill.
Background
YouTube Video - Schock Speaks Out on Job Creation
Press Release - Schock Introduces Jobs Bill Aimed at Helping Veterans
Press Release - Schock Seeks Extension to Vital Welfare to Work Program
