WASHINGTON – President Barack Obama signed into law a bill Monday giving tax incentives to employers who hire veterans, the first part of his American Jobs Act to pass through Congress.
The VOW to Hire Heroes Act offers tax credits up to $9,600 to employers and increases the training provided to service members who are moving into the civilian job market. It was well received in Congress and passed unanimously in the House with a vote of 422-0.
“Just as they fight for us on the battlefield,” Obama said, “it’s up to us to fight for our troops and their families when they come home.”
There are 350,000 veterans who are unable to find work, he added, though 350,00 private sector jobs were added over the last three months.
Employers who hire a veteran who has been out of work for at least four weeks are eligible for a $2,400 tax credit, with extra credit for employing those with service-connected disabilities and have been out of work for at least six months.
Veterans are also entitled greater access to education and training, additional time with vocational rehabilitation and employment benefits, and mandatory enrollment in a Transition Assistance Program, which teaches veterans to compete in the job market.
The bill represents only a small portion of the president’s Jobs Act, which has otherwise been met with resistance in Congress.
Nearly 3 million service members have made the transition back to civilian life over the last decade, he added. “And as we end the war in Iraq and wind down the war in Afghanistan, over a million more will join them over the next five years.”
“I urge every business owner out there who’s hiring to hire a vet right away,” Obama said.