Washington, D.C. – Today, Congresswoman Julia Brownley (D-CA) reintroduced the VOW to Hire Heroes Extension Act, which would permanently extend the work opportunity tax credit (WOTC) for companies that hire veterans and allow qualified tax-exempt organizations to receive a credit against payroll taxes for hiring a veteran.
“A big part of our responsibility to our nation’s veterans is ensuring that they have the tools and resources they need to live successful lives when they return to civilian life,” said Congresswoman Julia Brownley. “We have an obligation to help with the transition from active duty to veteran and that means providing support to find employment. My bill would help unemployed and service-connected disabled veterans find good-paying jobs and encourage businesses to hire these veterans, which is a win-win for veterans and businesses alike.”
Originally introduced by Brownley in October of 2013, the VOW to Hire Heroes Extension Act would provide businesses a tax credit for hiring unemployed and service-connected disabled veterans. Improving and extending the work opportunity tax credit (WOTC) incentivizes workplace diversity, facilitates access to good jobs for veterans, helps veterans move towards self-sufficiency, and allows participating employers to reduce their income tax liability. Under the existing WOTC, employers claim about $1 billion in tax credits each year, making the tax credit a win-win for both businesses and veterans.
The WOTC is a Federal tax credit available to employers who hire and retain individuals from certain targeted groups of individuals who have consistently faced significant barriers to employment – including unemployed and service-connected disabled veterans.
Read more about the bill, here.