Miller Introduces Tax Incentive to Hire Veterans Legislation
Today, Rep. Jeff Miller, Chairman of the House Committee on Veterans’ Affairs, introduced complementary legislation to the Veteran Opportunity to Work (VOW) Act of 2011 (H.R. 2433) to help curb rising veteran unemployment. The Tax Credit to Hire Veterans Act of 2011 (H.R. 2443) would provide a tax incentive to be applied toward capital equipment purchases to small businesses that hire unemployed veterans.
“When I became Chairman, I pledged to take a comprehensive approach to reducing veterans’ unemployment. I firmly believe that approach must include incentives for small businesses to invest in hiring veterans,” stated Miller. “This unique approach not only employs veterans, but also incentivizes small businesses to purchase capital equipment creating even more jobs for all Americans. I am confident that with the partner legislation I have introduced today, we can bring veteran unemployment below 5% in the next two years.”
The tax incentive provides small businesses, including veteran-owned businesses, the option to grow their companies, while also hiring a jobless veteran. Several protections within the legislation ensure that veterans will be hired for the right reasons and prevent abuse.
“We all agree that the tax code must be simplified. Thousands of regulations hinder small businesses, the engine of our economy, from prospering,” said Miller. “Coupled with broader efforts to keep taxes and regulations on small businesses to a minimum, this credit will incentivize job creators and provide our veterans with meaningful employment.”
A legislative hearing on the VOW Act will be held on July 15, 2011, at 10 a.m.
To learn more, please visit: Veterans.House.Gov/Jobs.