New Mexico Senator Tom Udall published on
his blog that he has reintroduced legislation that would extend the Work
Opportunity Tax Credit’s veteran target groups through 2018 (and
retroactively to January 1, 2014). The bill would not extend
non-veteran target groups.
Senator Tom Udall’s blog post:
http://www.tomudall.senate.gov/?p=press_release&id=2001
WASHINGTON – June 11, 2015, U.S. Senator Tom Udall announced that he
has reintroduced legislation to extend and streamline hiring incentives
for unemployed and disabled veterans. The VOW to Hire Heroes Extension
Act of 2015 would renew and extend the Work Opportunity Tax Credit
(WOTC), which provided employers with tax credits for hiring unemployed
or disabled veterans until its expiration in 2014. Udall said the bill
is good for veterans, businesses and New Mexico’s economy. For example,
some veterans have been overlooked for jobs because they have limited
private sector experience — but their skills and discipline make them
valuable, fast-learning employees.
Udall is a longtime champion of initiatives to hire veterans. The
first piece of legislation he successfully passed in the U.S. Senate
expanded tax incentives for employers who hired recently returned
veterans. Udall cosponsored the original VOW to Hire Heroes Act to build
on that progress, and it was signed into law in 2011. This new bill
would renew and extend the program so more unemployed and disabled
veterans can find good jobs.
“Transitioning out of military service and back to the civilian
workforce can be daunting, especially for veterans who were disabled
overseas,” Udall said. “Our veterans have sacrificed for our country,
and we owe it to them to help make sure they can transition smoothly
back into civilian life. I was proud to champion the original VOW to
Hire Heroes Act, which helped thousands of veterans apply their valuable
skills to civilian positions. Extending this program will show that our
country remains committed to veterans and their families, while helping
businesses find good employees and boosting New Mexico’s economy.”
The VOW Act would extend the program through 2018 and simplify the
WOTC application process to ensure that paperwork hurdles do not create
disincentives that prevent businesses or veterans from taking advantage
of the important benefit.
Specifically, the VOW Act would:
– Extend the veterans hiring tax credit for 3 years.
– Simplify the certification of veterans’ status.
– Make the credit available against payroll taxes in certain circumstances.
– Ensure parity for tax exemptions in U.S. territories and possessions.
– Require the Internal Revenue Service and Department of Labor to
report annually to Congress on the cost-effectiveness of the credit
increasing veterans’ employment.
Sen. Richard Blumenthal (D-Conn.) is leading the legislation, which
is also supported by Sens. Michael Bennet (D-Colo.), Ben Cardin (D-Md.)
and Jeanne Shaheen (D-N.H.). Congresswoman Julia Brownley (D-Calif.-26)
introduced the House companion legislation of the VOW to Hire Heroes
Act.
The details on the bill:
https://www.govtrack.us/congress/bills/114/hr2265/text