Bill to Give Employers a Reservist Tax Credit

Willingboro, N.J. -- Companies that employ veterans and military reservists would receive federal tax credits under two bills introduced last week by U.S. Rep. Jim Saxton, R-N.J., the Burlington County Times reported Sunday.

The bills would give employers a credit on their income taxes of $1,000 every three years for each veteran or reservist working at their companies.

The credits are designed to compensate businesses that may lose an employee to re-serve service for up to a year at a time. It also would re-ward companies that employ those who have served in the military and are now looking for civilian jobs, congressional officials said.

The House Ways and Means Committee will consider the legislation this fall, said Jeff Sagnip Hollendonner, Saxton's spokesman. The committee may especially scrutinize the potential cost of the veterans bill because there are so many.

-- NYSSCPA.org News Staff

Posted on 9/20/04