- Published: Wednesday, March 28, 2012 05:00 PM
“Helping employers hire veterans is good for business, good for the economy, and the
right thing to do.” – Senator Linda Holmes
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: