Ticonderoga U.S. Senator Charles E. Schumer (D-NY) toured the International Paper facility Friday, Aug. 31 and revealed his plan to prioritize the extension of The Returning Heroes and Wounded Warriors Tax Credit, which is a proven success in incentivizing companies to hire veterans and is set to expire at the end of this year.
Schumer applauds International Paper’s goal to hire more veterans and urges other North Country businesses to similarly seek to hire these highly skilled workers that often fall through the cracks when returning home to civilian employment. The Returning Heroes and Wounded Warriors Tax Credit, enacted in November 2011, provides tax credits to businesses of up to $9,600 depending on the length of time a veteran has been unemployed, and if that veteran has a service-connected disability.
Schumer has fought to include this critical tax credit in the Senate tax extenders package that will be considered on the Senate floor in September. International Paper currently employs over 100 veterans, including four in the past year. This federal tax credit would allow them to save thousands of dollars for those recently hired veterans and would help achieve their goal to hire more veterans in the future.
“This vital tax credit is a proven-success in helping businesses to hire more veterans, and we cannot allow such a powerful antidote to the economic recession come to an end,” said Schumer. “The Returning Heroes and Wounded Warrior Tax Credit is set to expire at year’s end, which would be a devastating blow to the efforts of companies like International Paper that want to get unemployed veterans in the North Country back to work. Renewing the veterans’ tax credit isn’t just the smart thing to do for companies in the North Country and across the country, it’s the right thing to do to honor the sacrifices made by our heroes in uniform. Our veterans have spent months and even years of their lives protecting our freedom, and I am going to fight to renew this tax break so that veterans don’t spend the same amount of time in the unemployment line.”