Battlefields to Boardrooms
Idea Category: Jobs and Entrepreneurship, Smart Government
Problem
Veterans have a higher unemployment rate than the broader labor market. The idea that veterans come home and have trouble finding long-term employment is unacceptable.
Solution
My proposal utilizes our tax code to encourage employers to provide work opportunities to those who have honorably served our country. The NJ Battlefield to Boardroom Act would provide a corporation business tax credit and gross income tax credit for qualified wages of certain veterans. These two credits would provide an employer with a credit in the amount of 10 percent of the wages paid to a veteran. The credits may not exceed $1,200 for each qualified veteran per tax year. The bill also contains provisions aimed at preventing potential misuse of the credit, prohibiting taxpayers from simultaneously using the wages or employment of a veteran to qualify for this credit and any other generally available employment incentive that comes in the form of a New Jersey tax credit or grant.
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