Washington, D.C. – Today, Congresswoman Julia Brownley (D-Westlake Village) reintroduced the VOW to Hire Heroes Extension Act, which would expand and extend the work opportunity tax credit (WOTC) for companies that hire veterans through December 31, 2018 and allow qualified tax-exempt organizations to make a credit available against payroll taxes for hiring a veteran.
“When our servicemembers return to the civilian workforce, we must help them find good-paying jobs and connect them to businesses,” said Brownley. “The VOW to Hire Heroes Extension Act would help unemployed and service-connected disabled veterans find work and encourage business to hire these veterans.”
“These tax credits have provided jobs to veterans and must be extended,” U.S. Senator Richard Blumenthal (D-Conn.) said. “The VOW to Hire Heroes Act has encouraged the hiring of veterans in Connecticut and throughout the country, and has helped to grow businesses nationwide. This legislation will allow employers to take advantage of these tax credits that benefit both our veterans and our economy. I urge my colleagues to continue their support for our veterans by supporting this legislation, which will create more good jobs and grow our economy as well as provide our returning servicemen and women with a clearer path to employment.”
Originally introduced by Brownley on October 31, 2013, the VOW to Hire Heroes Extension Act would allow 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 business and veterans.
The WOTC is a Federal tax credit available to employers who hire and retain individuals from certain target groups who have consistently faced significant barriers to employment – including unemployed and service-connected disabled veterans.
The House version of the bill, sponsored by Brownley, can be found here: LINK. Blumenthal is carrying the Senate version of the legislation.