With troops returning from Iraq and Afghanistan experiencing an unemployment rate above 12 percent, Congressman John Yarmuth (KY-3) today supported bipartisan legislation to provide tax credits to employers who hire unemployed veterans. After passing in both the House and the Senate, the bill now goes to the President's desk to be signed into law.
"The men and women who serve our country in uniform are experienced, highly-skilled leaders who can help businesses expand and our economy grow - but far too many of them are struggling to get the jobs they need to provide for their families," said Congressman John Yarmuth. "This legislation will create new job opportunities for our veterans and provide new resources to help them transition to civilian life."
Initially included in President Obama's American Jobs Act, the Hiring Heroes and Wounded Warriors tax credits were added to H.R. 674 in the Senate. This legislation will provide businesses with a $5,600 tax credit for hiring veterans who have been looking for a job for more than six months and $2,400 for veterans who have been employed from between 4 weeks and six months. In addition, a $9,600 credit will be provided to employers hiring veterans with service-related disabilities.
The same legislation also:
· Provides an additional 1 year of Montgomery GI bill benefits to 100,000 unemployed veterans of past eras to be used for education or training programs at community colleges or technical schools.
· Offers assistance to service members moving to civilian life by providing resume writing workshops and career counseling.
· Provides disabled veterans with an additional 1 year of Vocational Rehabilitation and Employment Benefits.
· Allows service members to begin federal employment process prior to officially leaving the armed forces, assisting with a seamless transition into jobs at the VA, Homeland Security, or other agencies.
· Helps states develop a licensing and credentialing standard for returning service members to assist in connecting veterans to jobs similar to their military occupations.
Today's vote comes shortly before Congressman Yarmuth hosts his Veterans Jobs and Resources Fair, which will take place in Louisville on Monday, November 21. At that event, Louisville-area Veterans will have the opportunity to meet with more than 40 employers currently seeking to fill more than 500 job openings. More information on that event is available by clicking here.