A new state tax credit aims to help get Illinois’ unemployed veterans hired. The Hiring Veterans Tax Credit increases a tax credit for businesses that hire Iraq and Afghanistan veterans from 10 to 20 percent of annual wages. The credit is capped at $5,000.
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“Veterans are committed, disciplined and experienced and they know how to accomplish a mission,” Gov. Pat Quinn said in signing the measure into law. “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 measure, which Quinn proposed during his State of the State Address in February, also honors Gold Star families by making them eligible for property tax relief. It allows communities or municipalities the option of reducing or eliminating property taxes for a surviving spouse of soldier killed in Iraq or Afghanistan.