Yesterday, Congress passed a portion of President Obama’s jobs plan that provides tax credits for companies who hire veterans. Two bills, call the Wounded Warriors Tax Credit and the Returning Heroes Tax Credit, contain the following benefits:
- Give up to a $2,400 credit to companies that hire vets who have been unemployed for more than four weeks
- Give tax credits of up to $5,600 for employers hiring veterans who have been searching for work for at least six months
- Give tax credits of up to $9,600 for companies that hire disabled veterans who have job hunting for more than six months
- Give benefits to aging veterans for continued education
- Give troops the ability to apply for jobs before their military service is over
The bill will be moving on to the House of Representatives next week. It is expected to pass without any problems.
According to the Labor Department, 12.1 percent of Iraq and Afghanistan veterans were unemployed in October, 2011. This unemployment rate is 3 points higher than the overall national rate.
