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

111th Congress, 2009–2010. Text as of Jan 13, 2010 (Introduced).

Status & Summary | PDF | Source: GPO

I

111th CONGRESS

2d Session

H. R. 4443

IN THE HOUSE OF REPRESENTATIVES

January 13, 2010

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

A BILL

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

1.

Short title

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

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.