House approves tax credit for hiring veterans

February 13, 2012 • State News

SANTA FE, N.M. (AP) — The House has approved a bill backed by Republican Gov. Susana Martinez to provide a tax break for businesses that hire veterans who recently left the military.

[auth] Businesses could get a $1,000 tax credit for hiring a veteran who was discharged in the past two years. Rep. Terry McMillan, R-Las Cruces, said the tax incentive should encourage employers to hire veterans returning from Iraq and Afghanistan.

The bill unanimously passed the House on Saturday and goes to the Senate for consideration.

The Taxation and Revenue Department estimates that the tax credit will cost the state about $1.7 million in reduced tax revenues next year.

The federal government offers tax breaks for businesses that hire unemployed veterans.

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