President Obama has proposed a new tax credit for American businesses who choose to add veterans to their payroll.
With the Returning Heroes Tax Credit, firms that hire unemployed veterans could receive up to $2,400 for every short-term hire and up to $4,800 for every long-term hire. The president would like to expand the Wounded Warriors Tax Credit, increasing the existing tax credit to a maximum of $9,600 for companies that hire long-term unemployed veterans with service-connected disabilities. He also proposed extending the existing credit to a maximum $4,800 for all other veterans with a service-connected disability.
President Obama challenged private-sector companies to hire or train 100,000 unemployed veterans or their spouses by the end of 2013. He also championed the idea of a “reverse boot camp” to help returning veterans successfully transition to the civilian workforce.
Along those lines, the Dept. of Labor pledged to improve career development and job search services at their One-Stop Career Centers. And a “Best Practices” manual may be soon on the way from our government to help private-sector businesses add veterans to their payroll.
In the meantime, if you know someone who is a returning veteran and looking for a job, here are a few resources you can share:
- The National Veterans Foundation provides assistance to veterans, including employment opportunities and other help.
- The Dept. of Veterans Affairs offers special assistance to wounded veterans through their Vocational Rehabilitation and Employment VetSuccess Program.