New law increases tax credit for hiring unemployed veterans - WREX.com – Rockford’s News Leader

New law increases tax credit for hiring unemployed veterans

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CHICAGO (WREX) -

A new law signed by Illinois Governor Pat Quinn will provide an increased tax credit to companies that hire an unemployed Veteran of Iraq or Afghanistan.

Senate Bill 3241 increases the Illinois Hiring Veterans tax credit to 20 percent of annual wages and raises the annual cap from $1,200 to $5,000 for businesses. It also makes Gold Star families in Illinois eligible for the same property tax relief available in some communities to the families of fallen firefighters and police officers. Participating counties or municipalities can choose to reduce or eliminate property taxes for the surviving spouse of a fallen Illinois soldier killed in Iraq or Afghanistan.

"We have a tremendous responsibility to honor the service and sacrifices Veterans and their families have made since 9/11," Illinois Department of Veterans' Affairs Director Erica Borggren said. "These measures will go a long way towards helping Veterans and the families of fallen service members begin the process of rebuilding their lives."

Nationally, Veterans between the ages of 18 and 24 have an unemployment rate twice that of their civilian peers, according to the U.S. Bureau of Labor Statistics. Unemployment was 30 percent for young returning Veterans in the United States in 2011.

For more information on benefits for Veterans, visit the IDVA's website, or call them at 217-782-6641 or 312-814-2460.

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