Part of Obama's jobs bill signed into law today: Help for unemployed veterans
Last week, in my story on veterans and class, I reported on the rate of unemployment for veterans in Michigan. That rate was 13.1 percent last September, and it's likely much higher for Post 9-11 veterans (younger males tend to have higher unemployment rates).
Now, the federal government is stepping in to trying to improve the situation.
Today, President Obama signed into law the VOW to Hire Heroes Act, a law that will give companies thousands of dollars in tax credits for hiring unemployed veterans. It also beefs up employment training for veterans.
The Associated Press reports it passed both houses of Congress without a single "no" vote:
The legislation, which creates tax breaks for companies that hire jobless veterans, marks the first proposal from Obama's $447 billion jobs bill to be signed into law. The rest of the package of new taxes and spending has largely failed to garner support from Republican lawmakers. "Because Democrats and Republicans came together, I'm proud to sign those proposals into law," Obama said during a signing ceremony Monday.
In a statement, the Iraq and Afghanistan Veterans of America released a statement praising the bill:
“With Thanksgiving just around the corner, this is a solid victory for the over 2.3 million Iraq and Afghanistan veterans and their families facing the toughest economy in decades. As Congress stalls on so many other issues, it’s good to see them come together in realizing that one of the smartest investments they can make is supporting the New Greatest Generation. While IAVA’s work in fighting veteran unemployment is not done, today is a big step in the right direction.”
According to the White House, the new law will give companies the following tax credits:
- A "Returning Heroes Tax Credit" of up to $5,600 for businesses that hire veterans who have been looking for a job for more than six months
- A "Wounded Warriors Tax Credit" of up to $9,600 for businesses that hire veterans with service-connected disabilities who have been looking for a job for more than six months.