Cantwell calls for extending tax credits for hiring vets

“Last month, 31,000 veterans returned here to Washington state, looking for employment,” Cantwell said Tuesday in Tacoma, Wash. “That's a challenge that we know very well here in Pierce County particularly because it has one of the highest concentrations of veterans in the country. ... The Washington State Employment Security Department says that there have been 1,700 veterans in our state that have already been hired with the help of this tax credit, so we want to encourage others. It is of utmost importance that this bill pass in September.”

ADVERTISEMENT
The tax credits that give businesses between $5,600 and $9,600 for each qualified veteran they hire are set to expire at the end of the year. The measure Cantwell supports would extend those tax credits for two more years.

If extended, employers could earn tax credits of up to $5,600 when they hire unemployed veterans and up to $9,600 when they hire veterans with service-related disabilities. 

The Family and Business Tax Cut Certainty Act would also extend other tax credits, including deductions for state and local sales taxes, building low-income housing, producing clean energy and investing in research and development.

The Senate returns Sept. 10 to take up a separate veterans’ jobs bill, the Veterans Job Corp Act, but taxes will likely dominate discussion when lawmakers return from recess, as several tax cuts expire at the end of this year.