Albany, N.Y. – (3/28/13) – Senator Greg Ball (R,C,I-Patterson) Chairman of the Veterans, Homeland Security and Military Affairs Committee today announced that legislation to provide tax credits to state businesses that hire returning and wounded veterans passed in the 2013-14 state budget.
Senator Ball noted the federal Bureau of Labor statistics from 2012 showing that unemployment has reached a staggering 20 percent for veterans under the age of 30 who have recently returned home from Iraq and Afghanistan. Furthermore, statistics show that a significant number of recently returned veterans report service-connected disabilities.
“We must strengthen opportunities in New York for our returning veterans,” said Senator Greg Ball.“With the number of returning veterans suffering from ailments like traumatic brain injury, this bill will create a great incentive for businesses to hire and support those heroes that are so fully deserving.”
The legislation will create a state tax cut for each veteran hired by a business. The tax break would equal up to 10% of a veteran’s salary – 15% of disabled veteran’s salary – with the credit capped at $5,000 for a non-disabled vet and $15,000 for a disabled vet. The employee would be required to work at least a year before the employer is eligible for the tax break, which would apply to post-9/11 veterans.
For more information, please contact Joe Bachmeier at (845) 200 9716.