S. 2494: Hire Student Veterans Act

This bill, titled the Hire Student Veterans Act, proposes an amendment to the Internal Revenue Code related to the work opportunity tax credit. The main points of the bill are as follows:

Tax Credit for Hiring Veterans

The bill aims to expand the work opportunity tax credit, which provides financial incentives to employers who hire individuals from specific target groups. This expansion specifically includes veterans who are receiving educational benefits under certain U.S. laws managed by the Department of Veterans Affairs or the Department of Defense.

Eligibility Criteria

Currently, the tax credit is applicable for hiring veterans, but this bill clarifies that it is also applicable for those attending educational institutions with benefits under:

• Chapter 30 (Montgomery GI Bill - Active Duty)
• Chapter 31 (Veteran Readiness and Employment)
• Chapter 32 (Veterans Educational Assistance Program)
• Chapter 33 (Post-9/11 GI Bill)
• Chapter 34 (Veterans Education Assistance Program)
• Chapter 1606 (Reserve Educational Assistance Program for those who served in the Selected Reserve)
• Chapter 1607 (Reserve Educational Assistance Program for those who were activated)

Modification of Employment Period Requirements

The bill proposes to modify the minimum employment period required for the tax credit. Specifically, it states that the prior minimum employment qualifications will not apply to the newly included veterans described in the bill, potentially making it easier for employers to benefit from the tax credit.

Effective Date

The new provisions outlined in this bill are intended to take effect for individuals who begin work with an employer after the bill's enactment date.

Relevant Companies

None found