Post by Tim Collins on Oct 12, 2011 5:46:44 GMT -7
TITLE II – PUTTING WORKERS BACK ON THE JOB WHILE REBUILDING AND MODERNIZING AMERICA
Subtitle A – Veterans Hiring Preferences
Sec. 201. Returning Heroes and Wounded Warriors Work Opportunity Tax Credits
This section of the American Jobs Bill makes revisions to tax code that expand the pool of qualified veterans that earn an employer a tax credit, and adds two additional and higher tax credits ($14,000 and $24,000) based on the length of unemployment a veteran has endured in the year prior to being hired. The law contains additional changes to the tax code to allow “tax exempt” organizations to utilize these provisions.
To qualify for the $12,000 the old tax code required that the veteran hired either was part of a family that had been
receiving food stamp assistance for a three month period during the 12 month period preceding his hiring, or be a veteran
entitled to compensation for a service connected disability.
The change proposed in this bill expands the number of veterans “qualified” for the $12,000 tax credit by changing the
qualification to any veterans “having a hiring date which is not more that 1 year after having been discharged or released
from active duty in the Armed Forces of the United States”
The proposed new $14,000 tax credit is available to employers hiring a veteran “having aggregate periods of unemployment
during the 1-year period ending on the hiring date which equal or exceed 6 months. ”
The proposed $24,000 tax credit is available to employers hiring a veteran “having aggregate periods of unemployment during
the 1-year period ending on the hiring date which equal or exceed 6 months.”
Note: It appears to me there is an error in this bill. The intent is to offer a stepping stone of tax credits based on the severity
of the unemployment status of the veteran.
Step one ($12,000 credit) is for hiring any veteran who was discharged within a year of being hired.
Step 2 ($14,000), and step 3 ($24,000), both require (per the proposed bill) that a veteran “having aggregate periods of
unemployment during the 1-year period ending on the hiring date which equal or exceed 6 months.”
I believe the paragraph of the bill that states
“…and $14,000 per year in the case of any individual who is a qualified veteran by reason of subsection (d)(3)(A)(iv),”
Should read:“…and $14,000 per year in the case of any individual who is a qualified veteran by reason of subsection (d)(3)(A)(iii),” which would make the qualification in the case of a qualified veteran under paragraph (3)(A)(iii), the veteran is certified by the designated local agency as being in receipt of unemployment compensation under
State or Federal law for not less than 4 weeks (but less than 6 months) during the 1-year period ending on the hiring date.
Subtitle A – Veterans Hiring Preferences
Sec. 201. Returning Heroes and Wounded Warriors Work Opportunity Tax Credits
This section of the American Jobs Bill makes revisions to tax code that expand the pool of qualified veterans that earn an employer a tax credit, and adds two additional and higher tax credits ($14,000 and $24,000) based on the length of unemployment a veteran has endured in the year prior to being hired. The law contains additional changes to the tax code to allow “tax exempt” organizations to utilize these provisions.
To qualify for the $12,000 the old tax code required that the veteran hired either was part of a family that had been
receiving food stamp assistance for a three month period during the 12 month period preceding his hiring, or be a veteran
entitled to compensation for a service connected disability.
The change proposed in this bill expands the number of veterans “qualified” for the $12,000 tax credit by changing the
qualification to any veterans “having a hiring date which is not more that 1 year after having been discharged or released
from active duty in the Armed Forces of the United States”
The proposed new $14,000 tax credit is available to employers hiring a veteran “having aggregate periods of unemployment
during the 1-year period ending on the hiring date which equal or exceed 6 months. ”
The proposed $24,000 tax credit is available to employers hiring a veteran “having aggregate periods of unemployment during
the 1-year period ending on the hiring date which equal or exceed 6 months.”
Note: It appears to me there is an error in this bill. The intent is to offer a stepping stone of tax credits based on the severity
of the unemployment status of the veteran.
Step one ($12,000 credit) is for hiring any veteran who was discharged within a year of being hired.
Step 2 ($14,000), and step 3 ($24,000), both require (per the proposed bill) that a veteran “having aggregate periods of
unemployment during the 1-year period ending on the hiring date which equal or exceed 6 months.”
I believe the paragraph of the bill that states
“…and $14,000 per year in the case of any individual who is a qualified veteran by reason of subsection (d)(3)(A)(iv),”
Should read:“…and $14,000 per year in the case of any individual who is a qualified veteran by reason of subsection (d)(3)(A)(iii),” which would make the qualification in the case of a qualified veteran under paragraph (3)(A)(iii), the veteran is certified by the designated local agency as being in receipt of unemployment compensation under
State or Federal law for not less than 4 weeks (but less than 6 months) during the 1-year period ending on the hiring date.