LOHUD: IDC, GOP PUSH TAX CREDIT FOR HIRING VETERANS
Posted by: Jon Campbell
The Senate’s Independent Democratic and Republican conferences are pushing a bill that would extend a significant tax break to businesses that hire veterans.
The bill, sponsored by Sen. David Carlucci, would allow businesses to receive a state tax cut of up to 10 percent of a veteran’s salary—or 15 percent of a disabled vet’s salary—for each hired. The credit would be capped at $15,000 for a disabled veteran and $10,000 for non-disabled veterans, and the employee would have to work for at least a year before the employer is eligible.
The bill would apply only to those who served after the Sept. 11 attacks, which is meant to help beat back a 10.7 percent unemployment rate among the recent veterans, according to Carlucci. It does not currently have an Assembly sponsor, but it was passed as part of the Senate GOP’s budget proposal last year and was part of a package of tax credits pushed by the conference.
“We believe we could have the lowest unemployment rate for veterans of any state by pushing smart legislation like this,” Carlucci, D-Clarkstown, Rockland County, said at a news conference Tuesday.
A handful of senators from the IDC and the GOP were on hand for the news conference, highlighting a handful of bills aimed at employing veterans.
One of the bills, sponsored by Sen. Greg Ball, would establish a goal of having state agencies issue a minimum of 3 percent of state contracts to small businesses owned by disabled veterans.
“There is nothing that we can do that is more important than making sure that these guys not only have a job, but meaningful employment that allows them not only to get a paycheck but actually provides an opportunity for them,” Ball said. (ARTICLE)