Baucus’ Tax Credit for Hiring Veterans to Become Law

(Washington, D.C.) - Montana's senior U.S. Senator Max Baucus applauded today as a tax credit for businesses to hire veterans, which he has long championed, cleared final passage in the House of Representatives. After passing the Senate last week, the measure is now headed to the President's desk to be signed into law. At 20.1 percent, Montana currently has the 4^th highest unemployment rate among Iraq and Afghanistan veterans in the nation.

"The unemployment number among our veterans right now is a disgrace, but passing this bill is something to be proud of, and I'm eager to see it get to work for Montana," Baucus said. "This bill will make it easier for businesses to hire veterans and help make veterans more competitive in the job market - it's a win for our economy and the right thing to do for our veterans."

Additional background:

The VOW to Hire Heroes Act passed today includes a version of Baucus' tax credit for businesses that hire veterans, along with the Hiring Heroes Act, which Baucus co-sponsored along with Senator Jon Tester.

The tax cut piece will provide a $5,600 tax credit for hiring long term unemployed veterans, $2,400 for hiring short term unemployed veterans, and credits up to $9,600 for hiring unemployed veterans with service-related disabilities. Baucus' original proposal also included a provision to simplify the process to make it easier for businesses to get the tax credit. Baucus will continue working to boost today's legislation by cutting red tape to make it easier for businesses to get the credit.

The Hiring Heroes Act will help make veterans more marketable to civilian employers by requiring that the military, Veterans Affairs and Department of Labor work together to expand job training resources and make it easier for military certifications to apply in the civilian job market.

Baucus authored the original credit for unemployed veterans in 2009 and introduced the VETs Jobs bill, or Veteran's Employment Transition Act, in May of 2010 to extend and improve it. Baucus joined the Iraq and Afghanistan Veterans for America back in March to rally support for the VETs Jobs bill among members of Congress, and his bill garnered more than 80 bipartisan co-sponsors across both the House and the Senate, along with the support of the Montana American Legion, the National Guard Association, and the Veterans of Foreign Wars. President Obama recently announced support for the proposals in Baucus' VETs Jobs Bill, and included a similar provision in his American Jobs Act.

Further background on Baucus' work to tackle veteran unemployment: