During a visit to the Bombardier Transportation rail car manufacturing plant in Plattsburgh Thursday, New York Senator Charles Schumer called for the extension of a tax credit for businesses that hire veterans.
The “Returning Heroes and Wounded Warriors” tax credit was enacted in November 2011. Businesses that hire veterans can receive tax credits between 24-hundred and 96-hundred dollars, depending on how long the vet has been unemployed and whether they have a service-connected disability. The tax credit expires at the end of the year. Senator Charles Schumer says the country is indebted to its veterans and the credit must be renewed. He pointed to data from the NYS Labor Department showing that in the North Country there are 1,167 jobless vets and the unemployment rate in NYS among vets who served in Iraq and Afghanistan is 16-point-7 percent.
Senator Schumer said the tax credit has been a successful tool encouraging businesses to hire veterans. Bombardier Transportation has taken advantage of the credit. Senator Schumer toured the plant and met with some of the veterans working there.
Franklin County Veterans Service Agency Deputy Director Bonnie Stewart says the tax credit often makes a big difference for veterans seeking employment.
The Senate will be voting on a package of tax credits that expire at the end of the year, and Senator Schumer says it is imperative that this credit be included.
This tax credit does not apply to municipalities. Senator Schumer is drafting legislation that if passed would have the federal government pay the first year salary if a municipality hires an unemployed veteran.