By TEMPLE LI
According to U.S. Senator Chuck Schumer a tax credit for businesses – which helps the employment of veterans – expired at the beginning of this year. He wants it renewed.
The WOTC, or the Work Opportunity Tax Credit, is a tax credit that can be utilized by employers for hiring veterans who are enduring certain circumstances: those who have been unemployed for a lengthy period of time or those food stamps or VA disability compensation. The re-emergence of this law is part of a bigger package of tax extenders, which said tax extenders may or may not be savory to most Americans.
Regarding the re-institution of the WOTC, Senator Schumer stated, “Our veterans spend years of their lives protecting the freedoms we hold dear. We should be doing everything in our power to make sure they do not have to spend anywhere near that amount of time on the unemployment line. This vital tax credit has proven successful in helping businesses across New York State hire more veterans, and we cannot allow such a powerful antidote to the all-too-high veteran unemployment rate to come to an end. Renewing the Work Opportunity Tax Credit isn’t just the smart thing to do for our NY State companies looking to utilize the unique skills and talents of our veterans, it is the right thing to do to honor the sacrifices made by our heroes in uniform.”
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