Quinn signs veterans' tax credit law, giving employers incentive - FOX 32 News Chicago

Quinn signs veterans' tax credit into law, giving employers hiring incentive

Posted: Updated:
CHICAGO (Associated Press) -

Legislation that gives Illinois employers more incentive to hire veterans is law.

Gov. Pat Quinn signed a bill Monday that 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 from $1,200 to $5,000.

The law is effective immediately.

Illinois Department of Veterans Affairs Director Erica Borggren says veterans face distinct challenges in the workplace. That includes transferring their skills.

Veterans typically face higher unemployment rates than the general population. That's particularly true for young veterans.

The U.S. Bureau of Labor Statistics says the unemployment rate among male veterans from age 18 to 24 who've served since September 2001 is roughly 29 percent. For non-veterans of the same age group, it's 17 percent.

Powered by WorldNow

205 N. Michigan Avenue
Ground Floor
Chicago, IL 60601
Station Operator: (312) 565-5532
Newsroom: (312)565-5533

Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | New Terms of Service What's new | Ad Choices