CONGRESSMAN HENRY CUELLAR SUPPORTS LEGISLATION SIGNED INTO LAW TO ASSIST VETERANS IN JOB MARKET
Written by admin, Nov 22, 2011, 0 Comments
Courtesy Daniella Martinez,
New law to boost job creation by assisting veterans and helping businesses retain capital
WASHINGTON D.C. –Congressman Henry Cuellar (TX-28) cosponsored and supported the passage of H.R. 674, the Government Withholding Repeal, which was signed into law by President Obama yesterday. The bill, which is now public law, includes provisions that will help boost job opportunities for veterans and encourage business growth.
“One of the most important things that we can do during these challenging economic times is help our businesses put more Americans back to work,” said Congressman Cuellar. “This legislation is a two-fold benefit to our country: it will help spur job creation by assisting businesses and local governments in repealing a withholding tax and it will help put our veterans and returning men and women in uniform back to work through tax credits. Pursuing policies that encourage businesses to continue their day-to-day operations by keeping their capital to expand, as well as incentives to hire veterans is a smart, no-cost, job-spurring agenda.”
The bill includes tax credits for businesses that hire unemployed veterans, transition assistance and job training for members of the armed forces who are returning home and re-entering the civilian workforce. The provisions also create a program that will provide up to 12 months of retraining assistance for veterans. Specifically, it provides businesses with a tax credit of up to $5,600 for hiring veterans who have been looking for a job for more than six months, as well as a $2,400 credit for veterans who are unemployed for more than 4 weeks, but less than 6 months. Additionally, the law provides a tax credit of up to $9,600 for hiring veterans with service-connected disabilities who have been looking for a job for more than six months.
In addition to helping put veterans back into the workforce, the bill also repeals a 2006 law which requires local, state and federal governments to withhold 3 percent of payments to government contractors, Medicare recipients, farmers, and vendors. This was originally mandated to enforce tax compliance and close the gap between taxes owned and collected. This repeal measure will help businesses keep their funds that will in turn help hire more employees and boost job creation, instead of sending those funds to the IRS. H.R. 674 initially passed the House on Oct. 27, 2011 by a vote of 405 to 16.
Congressman Cuellar cosponsored H.R. 674 on March 31, 2011 and supported passage in the U.S. House of Representatives on October 27, 2011, as well as the Senate amendment to the bill on November 16, 2011. President Obama signed this bill into law on November 21, 2011. This legislation was supported by the Chamber of Commerce, National Governors Association, and Associated Builders and Contractors.
