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National Restaurant Association - NRA praises Congress on business tax credit to hire jobless veterans

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NRA praises Congress on business tax credit to hire jobless veterans

President Obama is expected to sign off shortly on a substantial new tax credit for businesses that hire jobless veterans.

Employers may soon be able to claim a tax credit of up to $9,600 per employee when they hire certain veterans.

Congress this month gave its overwhelming approval to various tax breaks related to jobless veterans. The tax credit would start out at $2,400 for veterans who have been without a job for one to six months. It would climb to $5,600 when an employer hires a veteran who has been without a job for six months. The top tax credit -- up to $9,600 -- would be available to businesses that hire veterans with service-connected disabilities who have been looking fora job for more than six months.

“As the second-largest private-sector employer, America’s restaurants provide 13 million jobs nationwide,” said Scott DeFife, the National Restaurant Association's executive vice president for policy and government affairs. "Throughout the economic downturn, we have been one of the few industries that has continued growing, providing quality jobs that lead to fulfilling careers in our industry and others. The restaurant industry provides great opportunities for post-military culinary and management careers, as well as ownership opportunities, and with the right policies, such as small business tax assistance to hire unemployed veterans, we will be able to create even more jobs and provide greater opportunities to more Americans.”

The NRA is also working to extend the Work Opportunity Tax Credit, which offers employers a 40 percent credit against the first $6,000 in wages paid to employees from certain groups, including veterans. The current WOTC expires at the end of 2011.

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