Legislation would give tax credits to businesses that hire veterans
COLUMBUS, Ohio – This morning in the Ohio Senate’s Ways and Means Committee, Senator Lou Gentile (D-Steubenville) provided sponsor testimony for Senate Bill 18. This bill would give a refundable income tax credit to small businesses that hire qualified veterans and members of the National Guard and reserves.
“Senate Bill 18 is about prioritizing job opportunities for our veterans and military service men and women, with the added benefit of helping Ohio’s small business owners,” said Senator Gentile. “This is targeted tax relief aimed at making sure men and women who have served our state and country have better access to jobs.”
The bill would allow a business owner who hires a qualified veteran to claim a credit of the same amount as the federal Work Opportunity Tax Credit on their state tax return. Qualified veteran is defined by the Work Opportunity Tax Credit, and includes veterans who are long-term unemployed or use the Supplemental Nutrition Assistance Program (SNAP). The amount a business may claim ranges from $2,400 to $9,600, and is outlined by the IRS.
“These are men and women who have served our country and have fallen on hard times. This tax credit is meant to give business owners an incentive to employ Ohio’s veterans,” Gentile added. “Also, they are able to reduce their tax liability and use the money they save to invest back into their business.”
In addition to the provisions allowing a tax credit for hiring veterans, the bill allows for a similar credit to be applied if a business hires a member of the National Guard or reserves. The amount of this credit may range up to $2,400.
Senate Bill 18 will now await a second hearing.