President Barack Obama signed legislation that gives employers tax credits for hiring unemployed veterans and wounded warriors.
“An entire generation of new vets will be provided much-needed practical support to transition from combat to careers. As an Iraq vet I am privileged to lead the membership team at Iraq and Afghanistan Veterans of America (IAVA), the country’s first and largest nonpartisan organization committed to our newest veterans,” wrote Iraq veteran Jason Hansman on the White House blog.
You can read Hansman’s full blog entry, “Hiring Vets Is Smart Business,” HERE.
The Returning Heroes Tax Credit provides businesses that hire unemployed veterans with a credit of up to $5,600 per veteran, and the Wounded Warriors Tax Credit offers a credit of $9,600 per veteran for businesses that hire veterans with service-connected disabilities.
Under the Recovery Act, employers who hired certain unemployed veterans were eligible for a tax credit of up to 40 percent of the first $6,000 of wages, for a maximum credit of $2,400 for veterans who had been unemployed at least four weeks. This credit expired at the end of 2010. For employers who hire veterans unemployed for longer than six months, a new credit of 40 percent of the first $14,000 of wages, up to $5,600, will be applied.
The Wounded Warrior Tax Credit will double the existing tax credit for long-term unemployed veterans with service-connected disabilities. A new credit of 40 percent of the first $24,000 of wages, up to $9,600, will apply for firms that hire veterans with service-connected disabilities who have been unemployed longer than six months.
The law will maintain the existing Work Opportunity Tax Credit of up to $4,800 for veterans with service-connected disabilities.
The new tax incentives continue an ongoing effort to ease unemployment among veterans. A White House statement released today notes that in August the president challenged the private sector to hire or train 100,000 veterans or military spouses by the end of 2013.
You can read the full article on Monday’s signing of the VOW Act, the Veterans Opportunity to Work Act of 2011, HERE.
Filed under: Employment, Veterans | Tagged: American Forces Press Service, Barack Obama, Iraq and Afghanistan Veterans of America, postaday2011, Unemployment, Veteran, veterans employment, Veterans Opporunity to Work Act, VOW Act of 2011, White House |