Businesses Hiring Jobless Veterans Get Tax Breaks Under New Plan


Unemployed veteran

In another push to help reduce veteran unemployment, bipartisan legislation being heard in the Senate this week would provide a tax credit for businesses that hire veterans. It's called the "Returning Heroes" tax credit, according to The Hill, and would give companies a $2,400 credit for hiring a jobless veteran who's been unemployed for at least 30 days. If that vet has been out of work six months or longer, the tax credit gets boosted to $4,800.

In addition, USA Today reports, there's the existing "Wounded Warriors Tax Credit," which provides employers who hire wounded veterans a maximum credit of $9,600. President Obama is pushing for a two-year extension of this tax break.

Obama announced his support of the "Returning Heroes" tax credit in a Rose Garden speech this morning:

Sponsoring the bills in Congress are Democratic Senator Patty Murray, who's the chairwoman of the Senate Veterans Affairs Committee; and Republican Congressman Jeff Miller, the chairman of the House Veterans Affairs Committee.

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