Hire Student Veterans Act
Summary
The "Hire Student Veterans Act" proposes an amendment to the Internal Revenue Code of 1986, specifically targeting the Work Opportunity Tax Credit (WOTC). The bill aims to expand the WOTC to include employers who hire veterans receiving educational assistance under specific chapters of Title 38 and Title 10 of the United States Code. This expansion seeks to incentivize the employment of student veterans.
Expected Effects
If enacted, the bill would provide a tax credit to employers who hire student veterans utilizing educational benefits. This could lead to increased job opportunities for veterans pursuing education. The modification of the minimum employment period further tailors the tax credit to accommodate the schedules of student veterans.
Potential Benefits
- Increased job opportunities for student veterans.
- Financial incentives for employers to hire veterans.
- Potential reduction in unemployment rates among veterans.
- Support for veterans transitioning from military service to civilian careers.
- Encourages the utilization of educational benefits by veterans.
Potential Disadvantages
- Potential for employers to exploit the tax credit without providing meaningful employment.
- Administrative burden for employers to comply with the requirements for the tax credit.
- Possible displacement of other eligible WOTC categories.
- The cost to taxpayers through the tax credit program.
- Complexity added to the existing tax code.
Constitutional Alignment
The bill aligns with the Constitution's Article I, Section 8, which grants Congress the power to lay and collect taxes, duties, imposts, and excises to provide for the general welfare of the United States. By incentivizing the employment of veterans, the bill can be argued to promote the general welfare. It does not appear to infringe upon any specific constitutional rights or limitations.
Impact Assessment: Things You Care About ⓘ
This action has been evaluated across 19 key areas that matter to you. Scores range from 1 (highly disadvantageous) to 5 (highly beneficial).