Governor Cuomo Announces Upcoming Implementation of Tax Credit for Employers Hiring Post-9/11 Veterans
Employers incentivized to hire post-9/11 veterans and help reduce high unemployment rates among this population
Albany, NY (November 11, 2013)
Governor Andrew M. Cuomo announced on November 11, 2013 the beginning of a promotional effort by New York State’s Division of Veterans’ Affairs to highlight a $74 million tax credit encouraging employers to hire New York’s post-9/11 veterans who are currently not employed.
“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,” Governor Cuomo said. “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.”
Nationwide, post-9/11 veterans have an unemployment rate of 10.0 percent. Post-9/11 veterans under age 25 have an unemployment rate of 10.5 percent. Unemployment rates for post-9/11 veterans are noticeably higher than the unemployment rates for their non-veteran counterparts. Recognizing this problem, Governor Cuomo has made job assistance for post-9/11 veterans a hallmark of his administration, highlighted by his “Experience Counts” initiative to translate veterans’ military skills and experiences into opportunities for employment.
Beginning on Veterans Day, New York State’s Division of Veterans’ Affairs will send direct informational mailings about the tax credit to organizations committed to hiring veterans. Additionally, the Division of Veterans’ Affairs will promote the tax credit to Veterans organizations and schools accepting Post-9/11 G.I. Bill benefits, and deliver printed pamphlets describing the tax credit for distribution by more than 150 Veterans Service Organizations and Counselors.
The tax credit will take effect on January 1, 2014.