Albany, N.Y., June 20—State Senator Tom O’Mara (R-C, Big Flats) voted in favor of legislation approved by the Senate yesterday to provide tax credits to state businesses that hire returning and wounded veterans.
O’Mara highlighted federal Bureau of Labor statistics showing that unemployment has reached a staggering 20 percent for veterans under the age of 30 who have recently returned home from Iraq and Afghanistan. Moreover, statistics show that a significant number of recently returned veterans report service-connected disabilities.
“It’s a tough economy all around, but the impact has been especially hard on veterans returning home during this recession to a weak private-sector economy. It’s hard to find work and that’s particularly true for wounded veterans,” said O’Mara. “America’s servicemen and servicewomen make enormous sacrifices. This legislation is one additional, small way to recognize their service and try to encourage economic opportunities and jobs for returning veterans.”
The legislation (S.6024-C) proposes a $3,000 tax credit for businesses that hire a returning veteran, and a $4,000 tax credit for hiring a wounded veteran.
The Senate first advanced the idea of a “Hire-a-Vet” tax credit earlier this year as part of its comprehensive New Jobs-NY economic development program.
The legislation must be approved by the Assembly and signed by Governor Andrew Cuomo before it can become law. It’s been referred to the Assembly Ways and Means Committee.
Read more, "Ten reasons to hire a vet"