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August 10, 2012

Veterans Tax Credit extension touted

PLATTSBURGH — About 25 veterans are employed at Bombardier Transportation among its workforce of over 400.

But there are 1,167 unemployed veterans in the North Country region, including 280 in Clinton County, according to U.S. Sen. Charles Schumer. 

Those numbers are expected to increase as efforts in Iraq and Afghanistan continue to wind down, he said at Bombardier on Friday. 

One vet without a job, the senator added, is one too many.

“In this tough economy, these brave people who risk their lives for us are being left in the dust,” he said. “They shouldn’t have to spend months standing in the unemployment line when they come home.” 

TAX CREDITS

Schumer and Congressman Bill Owens were at Bombardier to promote efforts to extend a tax-credit for companies that hire military veterans. 

Enacted in Nov. 2011, the Returning Heroes and Wounded Warriors Tax Credit is set to expire at the end of this year. It allows businesses that hire veterans to receive a tax credit of up to $9,600, based on the length of time the veteran has been unemployed and if he or she has a service-connected disability.

The tax credit is expected to be included in a  package of tax breaks to be considered in the Senate this fall.

The legislation allows for a tax credit of $2,400 for a veteran who has been unemployed for four weeks but less than six months, $5,600 if he or she has been without work for more than six months and $9,600 for those who have been unemployed that long and have a service-related disability.

WOULD HIRE VETS

Schumer said Bombardier officials have told him if the provision is extended, they plan to use it to hire more vets. The company has recently received two large contracts — an order for 410 railcars with options of up to 365 more with Bay Area Rapid Transit in San Francisco that could be worth up to $1.5 billion and a 300-car order from New York City’s Metropolitan Transit Authority worth $600 million.

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