A bill to promote the employment of unemployed Vietnam veterans.

Summary

Amends the Internal Revenue Code to allow a nonrefundable income tax credit for a portion of the wages paid previously unemployed Vietnam veterans. Allows the credit for ten percent of the wages paid to the individual during his first year of employment and five percent of the wages paid in succeeding years. Raises the allowable percentages for wages paid former POW's and MIA's to 35 and 17.5 percent respectively. Restricts the credit to wages paid employees who were: (1) employed by the taxpayer not less than six months during the two years previous to the last date of the taxpayer's taxable year; and (2) unemployed since discharge, or for four months prior to employment by the taxpayer. Limits the credit to wages paid for work in jobs certified by the Secretary of Labor as either reflecting the employee's prior experience or education or providing training which leads to self-improvement or job advancement. Limits the employees who may be taken into account for this credit to 30 percent of the taxpayer's labor force. Provides for the carryover (to seven years) or carryback (to three years) of the allowable credit which exceeds the taxpayer's current tax liability.

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Documents

1 official file

• Introduced in House

  summary · EN · 4 January 1977

  Open at official source

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