Gov.Quinn Gives Incentive For Employers To Hire Vets
CHICAGO (AP) -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 nonveterans of the same age group, it’s 17 percent.
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