The state Division of Veterans’ Affairs began a campaign today to promote a new tax credit for employers that hire unemployed post-9/11 veterans, Gov. Andrew Cuomo announced.
The agency is sending mailings about the tax credit to organizations committed to hiring veterans, and it will promote the credit to veterans organizations and schools that accept post-9/11 G.I. bill benefits. The Division of Veterans’ Affairs is also providing more than 150 veterans service organizations and counselors with pamphlets that describe the tax credit.
“All New Yorkers owe a special debt of gratitude to the brave men and women of the U.S. Armed Forces who have served in the years since 9/11,” Cuomo said in a statement. “There are approximately 75,000 post-9/11 veterans living in New York State today. These brave men and women served our country, now it’s our turn to help them get back to work.”
The $74 million program takes effect Jan. 1. Businesses that hire veterans discharged after 9/11 and not fully employed for the previous six months will receive a non-refundable tax credit equal to 10 percent of wages paid in the first year of employment, up to a maximum of $5,000 (or 15 percent and $15,000 for a disabled veteran). The credit is in tax years 2015 and 2016.
Nationally, the unemployment rate for post-9/11 veterans is 10 percent, and 10.5 percent for those younger than 25, higher than the unemployment rate among non-veterans.