November 21, 2011
Baucus's Vets Hiring Tax Credit Signed into Law
Finance Chair Authored the Original Proposal for Unemployed Vets Hiring Tax Credit in 2009
Washington, DC – Senate Finance Committee Chairman Max Baucus (D-Mont.) today hailed the signing into law of the tax credit he has been championing since 2009 for businesses to hire veterans. Baucus authored the original credit for hiring unemployed veterans in 2009 and introduced the VETs Jobs bill, or Veteran’s Employment Transition Act, in January of 2011 to extend and improve the tax credit.
“No veteran returning home from fighting for our country and looking for work should be greeted with an unemployment check instead of a job. Our veterans’ service earns them the right to a steady job when they return home, but unemployment among vets is at crisis levels,” Baucus said. “This tax credit will help solve the unemployment crisis and help veterans find work. Our veterans return home with unmatched leadership skills and motivation, making them valuable to businesses looking to hire. There’s more work to be done cutting red tape and making the process of claiming this credit easier, but this is an important start.”
The veterans jobs bill signed into law today includes a version of Baucus’ tax credit for businesses that hire unemployed veterans. The legislation will provide a $5,600 tax credit for hiring long-term unemployed veterans, $2,400 for hiring short-term unemployed veterans and credits of up to $9,600 for hiring unemployed veterans with service-related disabilities.
Baucus worked closely with the Iraq and Afghanistan Veterans of America (IAVA) to craft this legislation. The IAVA, the Veterans of Foreign Wars and other veteran service organizations are strong supporters of the legislation.
Baucus’s original VETs Jobs bill also included provisions to simplify the certification process to make it easier for businesses to get the tax credit. Baucus will continue working to cut red tape to make it easier for businesses to get the credit for hiring veterans.