Updated 11/20/2012 05:26 PM
Schumer wants to save expiring tax credits for businesses that hire vets
One lawmaker is fighting to get more veterans on company payrolls. Senator Charles Schumer is pushing for the extension of the "Returning Heroes and Wounded Warriors Tax Credits." The senator was at a manufacturing company in Owego Tuesday to discuss the incentive. Our Melissa Kakareka tells us more about how the tax credits can help both veterans and businesses.
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OWEGO, N.Y. -- There are thousands of unemployed veterans in New York State. But Senator Charles Schumer is continuing the push to change that.
"To have our veterans come home after risking their life for us, after serving their country and then come back and to not be able to find a job is very wrong," said Senator Schumer.
The senator is advocating for the extension of the "Returning Heroes and Wounded Warriors Tax Credits." The tax credits were approved in November of 2011, but are set to expire at the end of this year.
With the incentive, companies that employ veterans can receive up to $9,600 in tax breaks, depending on the length of time a veteran has been unemployed or if that veteran has a service-connected disability.
"These credits will give employers an incentive to hire vets. It has worked in the past and it will work even higher in the future," said Schumer.
The initiative is a win-win for both veterans and business owners. It provides service members with jobs and companies with employees who can provide a special set of skills and training.
"They know teamwork. They know hard work. They know sacrifice. They know courage and they know following an order is very important for the overall good," said Schumer.
In Owego, Sanmina-SCI currently employs 22 veterans and is hoping to hire about 60 more in the near future. Company officials say incentives like this are helpful in the hiring process
"It’s more of a benefit and extra incentive to seek out those veterans. If we are looking at a stack of 50 to 60 applications and we see veterans in there we will certainly bring them to the top," said Sanmina-SCI VP and General Manager Mark Gable.
An example that Schumer hopes all businesses will follow, so that more veterans can get back to work.