SBAC urges employers to utilize Hiring Veterans Tax Credit
The Small Business Advocacy Council urges its membership to take advantage of the new initiative recently signed into law by Governor Pat Quinn.
“I cannot think of a more important Illinois tax credit than this,â€ said Elliot Richardson, SBAC President. â€œBy providing a strong incentive for Illinois business owners to hire veterans, we can help the men and women of our armed forces, who have sacrificed to protect our country, and stimulate the Illinois economy at the same time.”
The new law raises the Illinois Hiring Veterans tax credit from 10 to 20 percent of total wages paid. It also increases the annual cap employers may earn from $1,200 to $5,000 for each veteran hired after July 1, 2012.
Veterans face higher unemployment rates than the general population. The average unemployment rate among young veterans 18 to 24 years old was nearly 30% for veterans in 2011.
â€œThe Hiring Veterans Tax Credit attaches a financial benefit to the many assets â€“ including leadership skills, teamwork ability, and mission-focus â€“ that veterans bring to the work place,â€ said Erica J. Borggen, Director of Illinois Department of Veteransâ€™ Affairs. â€œThe credit will mobilize Illinois employers behind hiring veterans and is just the most recent way that, under Governor Quinnâ€™s leadership, Illinois leads the way nationally in serving its veterans.â€
Employers interested in learning more about the Hiring Veterans Tax Credit can access the Illinois Department of Employment Security web site for more information at http://www.ides.illinois.gov/page.aspx?item=80.