The SBAC is supporting state legislation that would provide Illinois employers with a tax incentive for hiring qualified unemployed veterans while reducing the rate of unemployment among men and women in the Armed Forces. Senate Bill 3241 provides a tax credit to employers hiring a qualified veteran who was unemployed for an aggregate of four weeks or more during the year prior to his or her hire date. The tax credit would be 20 percent of the veteranâ€™s gross wages during the tax year, and would not exceed $5000.
The bill passed the Illinois Senate and is currently pending in the House Rules Committee. Head over to the Illinois General Assembly web site to learn more about the legislation and to track bill status.
Current Veterans Tax Credits Available to Employers
State of Illinois: At present, Illinois employers can earn an income tax credit of up to $1,200 annually for hiring Veterans of Operation Desert Storm, Operation Enduring Freedom, or Operation Iraqi Freedom. The credit is 10 percent of the total wages paid to every qualified Veteran hired after January 1, 2010. Learn more at the Illinois Department of Veterans Affairs (scroll down to â€œVeterans Tax Creditâ€)
Federal: President Obama signed the Returning Heroes and Wounded Warrior tax credits into law, as part of the American Jobs Act, in November, 2011.
â€¢ The Returning Heroes Tax Credit provides businesses that hire unemployed veterans with a maximum credit of $5,600 per veteran
â€¢ The Wounded Warriors Tax Credit offers businesses that hire veterans with service-connected disabilities with a maximum credit of $9,600 per veteran.
For more information about these federal tax credits, download the fact sheet at White House web site.
National Veteran Small Business Conference and Expo
The Department of Veterans Affairs is hosting the National Veteran Small Business Conference and Expo on June 26-29, 2012 in Detroit, Michigan. As the largest nationwide conference of its kind (nearly 6,000 participants), this event focuses on helping Veteran-owned businesses expand networking opportunities and maximize opportunities with federal and state governments.
The conference also features a Veteran Hiring Fair, drawing veterans from all across the Midwest. Participating employers can meet and interview veterans and screen resumes in advance. Click here to register and learn more about the conference and the Veteran Hiring Fair.