CHICAGO, Ill -- Governor Pat Quinn signed a new law Monday designed to help more Illinois Veterans find employment following military service.
The Hiring Veterans Tax Credit is designed to provide a significant additional tax credit for every unemployed Veteran of Iraq or Afghanistan a company hires. Unemployment for young returning Veterans in America was 30% in 2011.
"Veterans are committed, disciplined and experienced, and they know how to accomplish a mission," Quinn said. "We need these heroes in our workplaces, and increasing the Hiring Veterans Tax Credit will create more jobs for veterans and grow the economy in Illinois."
The bill raises the tax credit from 10% to 20% of annual wages and more than quadruples the annual cap from $1,200 to $5,000.
The new law also honors Gold Star families of fallen heroes across Illinois by making them eligible for the same property tax-relief available in some communities to the families of fallen firefighters and police officers.