FRA Supports Tax Credits for Hiring Veterans
This week the House Ways and Means Committee marked up and voted on a major tax reform bill. House leadership has indicated that amendments will be debated in committee but no amendments will be allowed from the House floor.
FRA has signed onto a letter from The Military Coalition (TMC), sent to key legislators of said Committee, requesting to extend the Hire Heroes Act tax credits and the Work Opportunity Tax Credit (WOTC) for five years. The Hire Heroes Act, signed into law in 2011, strengthened the WOTC by increasing financial incentives for employers who hire veterans, including disabled veterans. Department of Labor data indicates these incentives helped improve employment opportunities for veterans.
However, the constant cycle of expiration and retroactive renewals of these tax credits causes uncertainty among employers. Extending these tax provisions to five years will provide employers certainty about the tax credits. It will also create more employment opportunities for veterans.