On October 1, 2016, a first-ever state tax credit to incent employers to hire veterans, authored by State Senator Steve O’Ban, goes into effect.
Washington State has more than 340,000 resident veterans, yet it has one of the highest veteran unemployment rates in the country.
Businesses will receive a tax credit of up to 20% of the veteran’s pay and benefits against its state Business and Occupation tax liability. This means, in effect, that 20% of the salary and benefits an employer pays a veteran-employee will be subsidized by the state in the form of reduced taxes that it would otherwise be required to pay. An employer will not only gain a responsible employee, with team skills learned under pressure, but will also save money on his or her salary.
State Senator Steve O’Ban issued the following statement regarding the tax credit: “It was an honor for me to author this first-ever incentive to encourage the hiring of veterans. I wanted to do this because I am proud of the heroes I represent at Joint Base Lewis-McCord, including my two sons serving there in the United States Army.”
“The men and women of our armed forces make great sacrifices for our country. When their service is over, it is our responsibility to help build a bridge back to civilian life. We owe them that much,” said Senator O’Ban.
Businesses and veterans seeking employment can access helpful resources and a letter to employers from Sen. O’Ban explaining the innovative program at steveoban.com/hire-a-vet.Print This Post