Businesses Hiring Jobless Veterans Get Tax Breaks Under New Plan

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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.