President Signs Jobs Bill for Veterans
- November 21, 2011
President Obama signed bipartisan legislation Monday intended to boost hiring of military veterans through two new tax credits.
Before signing the bill, Obama urged companies to hire veterans, “the best that America has to offer.” He also pointed out that the unemployment rate for veterans has continued to rise.
Last month, the unemployment rate for veterans aged 18 to 44 was 13.9 percent, compared to 9.7 percent for nonveterans in that age range, reported CBS News.
“If they can save lives on the battlefield, then they can save a life in an ambulance. If they can manage convoys moving tons of equipment over dangerous terrain, they can manage a company’s supply chain. If they can track millions of dollars of assets in Iraq, they can balance the books of any company here in the United States,” the president said.
Representing ADC at the Eisenhower Executive Office Building ceremony was board member Diana Gonzalez. Gonzalez also attended on behalf of the Beacon Council, the economic development organization for Miami-Dade County.
The Returning Heroes tax credit offers employers a credit of up to $5,600 for hiring veterans who have been unemployed longer than six months and up to $2,400 for veterans who have been out of work for a shorter period. The Wounded Warrior Tax Credit provides employers a new credit of up to $9,600 for hiring veterans with service-connected disabilities who have been unemployed longer than six months. The measure maintains an existing tax credit worth up to $4,800 for veterans with service-connected disabilities.