Washington, D.C. – Today, Congresswoman Julia Brownley (D-Westlake Village) reintroduced the VOW to Hire Heroes Extension Act of 2019, 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.
“When our nation’s heroes return from service, we must ensure they have access to the resources they need to successfully transition into the job market and support themselves and their families,” said Congresswoman Brownley. “The VOW to Hire Heroes Extension Act of 2019 would help unemployed and service-connected disabled veterans find good-paying jobs and encourage businesses to hire these veterans. This is a win-win for veterans and businesses alike, and I look forward to working with my colleagues in Congress to move this bill forward through the legislative process.”
Originally introduced by Brownley in October of 2013, the VOW to Hire Heroes Extension Act of 2019 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.