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The many rewards of hiring veterans
Credits and Incentives talk with Deloitte
“Credits & Incentives talk with Deloitte,” is a monthly column by Kevin Potter of Deloitte Tax LLP, featured in the Journal of Multistate Taxation and Incentives, a Thomson Reuters publication. In this article, we summarize the federal programs and some of the programs offered by the larger states. These incentives, along with the skills that veterans bring to the workforce from their military training and service, present a strong business case for hiring veterans.
Federal and state tax incentives
As we go about our daily life we continue to hear a great deal about veteran issues in America, including the focus on efforts to enhance private-sector employment opportunities for our unemployed veterans and transitioning military personnel. According to the Bureau of Labor Statistics, as of March 2014, unemployment for post-September 11 veterans (Gulf War-era II veterans) was 9.0 percent in 2013, which is significantly higher than the 6.6 percent national overall veteran unemployment rate and the current national average unemployment rate of 5.9 percent.1 In addition to the veteran unemployment issue plaguing the country, the American labor force is anticipating a surge in newly retired members of the military over a period of five years that began in 2012-with more than 1 million armed services personnel expected to transition to civilian life, according to former Veterans Affairs Secretary Eric K. Shinseki.2
In an effort to address the veteran unemployment issue, the U.S. Government and approximately 10 states have adopted tax incentive programs directed at encouraging the hiring of veterans. In this article, we summarize the federal programs and some of the programs offered by the larger states. These incentives, along with the skills that veterans bring to the workforce from their military training and service, present a strong business case for hiring veterans.
1 See National Conference of State Legislatures, "National Employment Monthly Update" (Sept. 2014) at http://www.ncsl.org/research/labor-and-employment/national-employment-monthly-update.aspx.
2 Donna Miles, "Shinseki Vows to Support Military Members, Vets," American Forces Press Service, http://www.defense.gov/News/NewsArticle.aspx?ID=67784, (Mar. 30, 2012).