Employers can benefit from hiring veterans

November 22, 2011

Two tax credits will offer monetary incentives to businesses that hire unemployed veterans.

The observance of Veteran's Day ushered in joyful celebrations, but with the pomp and circumstance gone, veterans once again see a harsh reality.
Though the national average of unemployment still lingers around 9%, the rate for veterans currently stands higher at 12.1%. The unemployment number is even raised for younger veterans, who are returning from their service in Iraq and Afghanistan, at an astounding 27% for 18 to 24 year olds — almost one in four.
Robert R. McBride, the Veteran County Service Officer in Nolan County, wants to inform employers of some recently passed federal legislation that may benefit them in hiring an unemployed veteran.
"The bi-partisan Veterans Opportunity to Work Act (VOW)...will give employers a series of tax breaks," stated Mr. McBride. The two tax credits included in the bill will offer monetary incentives to businesses.
The Returning Heroes tax credit will give companies that hire a veteran, that has been unemployed over six months, up to $5,600. The other tax credit, Wounded Warrior, will issue a credit of $9,600 to the business if the unemployed veteran has a disability resulting from their military service.

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