Congressman calls on Congress to permanently extend the Work Opportunity Tax Credit for Returning Heroes and Wounded Warriors
Washington, D.C. - After the expiration of a tax credit that had helped put 1400 Iowa veterans back to work, Rep. Bruce Braley (IA-01) today wrote Speaker of the House John Boehner urging him to restore the tax credit and make it permanent.
"Fifty thousand veterans have been helped by this tax credit?1400 of them in Iowa alone?and it's time we made it permanent," Braley said. "Iowa employers have a strong commitment to hiring our highly-skilled veterans and this law would allow them to continue that commitment."
Braley introduced the Hire a Hero Act in December of last year. It was designed to make permanent a temporary tax credit that could be used to hire unemployed veterans.
"Recently I met with veterans and businesses in Ames, Grinnell, and Iowa City. I saw firsthand the individuals and employers that benefited from the Work Opportunity Tax Credit for Returning Heroes and Wounded Warriors," Braley wrote.
In 2011, Braley wrote the Combat Veterans Back to Work Act to provide employers with a payroll tax break if they hired recently returned veterans, including members of the Iowa National Guard. The bill was incorporated into new tax credits signed into law in November 2011. The Returning Heroes and Wounded Warriors work opportunity tax credits provide anywhere between $2,400 and $9,600 to businesses who hire veterans.
These credits are available to businesses that hire unemployed or returning veterans and qualify for tax credits worth between $2,400 and $5,600. Businesses that hire unemployed veterans with a service-connected disability qualify for tax credits of between $4,800 and $9,600. There is no limit to how many veterans a business can hire, therefore no limit on how many tax credits they can receive.
The letter to Speaker Boehner is available below:
April 22, 2014
The Honorable John Boehner
Speaker of the House
United States House of Representatives
H- 232 The Capitol
Washington, D.C. 20515
Dear Mr. Speaker:
I'm writing to urge you to quickly bring up H.R. 3648, the Hire a Hero Act of 2013 for a vote in the House.
Recently I met with veterans and businesses in Ames, Grinnell, and Iowa City. I saw firsthand the individuals and employers that benefited from the Work Opportunity Tax Credit for Returning Heroes and Wounded Warriors. Unfortunately, this tax credit expired at the end of 2013. Thanks to the credit, in 2013, the unemployment rate for Iowa veterans fell to 3.4 percent, which was about half the national average. However, there are still significant populations of veterans that are in need of good jobs. For example, in December 2013, the national unemployment rate for post-9/11 veterans was 7.3 percent. This remains unacceptably high, and that's why we must renew and extend this important tax credit that helps our nation's veterans find good jobs.
On December 4th, 2013 I introduced H.R. 3648, the Hire a Hero Act of 2013. This bill would make the Work Opportunity Tax Credit for Returning Heroes and Wounded Warriors permanent. Over 50,000 veterans have been hired because of this tax credit nationally, 1400 of those in Iowa. These key figures illustrate the need to make the tax credit permanent, which provides a valuable incentive for businesses to hire veterans.
I urge you to swiftly bring up this bill for a vote in the House and I look forward to hearing back from you soon.
Sincerely,
Bruce Braley
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