Employers Receive New Incentive to Hire Veterans

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Chicago - A bill designed to give employers more incentive to hire veterans became law Monday.

The new law increases the state tax credit for employers who hire veterans from 10 percent to 20 percent of annual wages.

It also increases the annual cap on how much of a tax credit employers are entitled to.

The U.S. Bureau of Labor Statistics says the unemployment rate among veterans is roughly 29 percent.

"This bill does something that I think is very unique in that I think it rewards employers. It says, it's a thank you to business who take a chance and hire veterans," said Tammy Duckworth with the Department of Veterans Affairs.

Duckworth says veterans face very distinct challenges in the workplace, including transferring their skills.

 

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