H.R. 4443 (111th): VET Act

HR 4443 IH

To amend the Internal Revenue Code of 1986 to increase the work opportunity tax credit for hiring veterans.

January 13, 2010

Mrs. HALVORSON introduced the following bill; which was referred to the Committee on Ways and Means

To amend the Internal Revenue Code of 1986 to increase the work opportunity tax credit for hiring veterans.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘Veterans Employment Today Act of 2010’ or the ‘VET Act’.

SEC. 2. INCREASE IN WORK OPPORTUNITY TAX CREDIT FOR HIRING VETERANS.

(a) Increase in Credit for Disabled Veterans- Paragraph (3) of section 51(b) of the Internal Revenue Code of 1986 is amended by striking ‘$12,000’ and inserting ‘$15,000’.

(b) Increase in Credit for Other Veterans- Paragraph (14) of section 51(d) of such Code is amended by redesignating subparagraph (B) as subparagraph (C) and by inserting after subparagraph (A) the following new subparagraph:

‘(B) INCREASE IN LIMITATION ON WAGES TAKEN INTO ACCOUNT FOR UNEMPLOYED VETERANS- In the case of any unemployed veteran who is treated as a member of a targeted group by reason of subparagraph (A) and who begins work for the employer after the date of the enactment of this subparagraph, subsection (b)(3) shall be applied by substituting ‘$7,500’ for ‘$6,000’.’.

(c) Effective Date- The amendments made by this section shall apply to individuals who begin work for the employer after the date of the enactment of this Act.

(d) Sunset- The authority under this section will expire on December 31, 2010.

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