Holmes’ Incentive Will Encourage Businesses to Hire Unemployed Veterans
“Helping employers hire veterans is good for business, good for the economy, and the right thing to do.”
State Senator Linda Holmes
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SPRINGFIELD, IL – Legislation co-sponsored by State Senator Linda Holmes (D-Aurora) aimed at encouraging businesses to hire unemployed veterans passed the Illinois Senate earlier today. The measure, Senate Bill 3241, gives employers a 20% tax credit when they hire an unemployed veteran who has served on active duty since September 11, 2001.
“Unemployment among our veterans far exceeds national averages,” Holmes said. “Returning veterans have already proven themselves to be committed, disciplined, and experienced workers – helping employers hire veterans is good for business, good for the economy, and the right thing to do.”
Under current law, businesses are entitled to a tax credit equal to 10% of wages paid to Iraq and Afghanistan veterans. Holmes’ legislation focuses on the unemployed veteran by giving a 20% tax credit to employers who hire such veterans. For the business to receive the tax credit, the newly-hired veteran must have been:
- On active duty on or after 9/11;
- A member of the United States Armed Forces, the Reserves, or the Illinois National Guard;
- Honorably discharged; and
- Unemployed for at least four weeks during the year before being hired.
As chairperson of the Senate Committee on State Government and Veterans’ Affairs, Senator Holmes knows how vital ensuring veterans’ care is to the well-being of the State.
“Obviously, legislation supporting veterans and the fiscal health of Illinois is very dear to me, and I look forward to working with my colleagues this spring to pass a balanced budget that includes this job-creating provision,” said Holmes.
The measure will now be sent to the Illinois House of Representatives for approval.