President Obama announced three new initiatives to help veterans find jobs during a speech from the Rose Garden Monday and asked Congress to pass two provisions in his jobs proposal that would grant businesses tax credits for every unemployed veteran hired.
The Returning Heroes Tax Credit would cover 40 percent of:
- $6,000 of wages for businesses who hire veterans who have been unemployed at least 4 weeks
- $14,000 of wages for employers who hire veterans who have been unemployed longer than 6 months
The Wounded Warrior Tax Credit would maintain the existing tax credit (up to $4,800) for service-disabled veterans, and offers a new credit of 40 percent of the first $24,000 of wages (up to $9,600) for firms that hire service-disabled veterans who have been unemployed longer than three months.
The new White House initiatives launched under the executive order include:
- The Veteran Gold Card, entitling veterans to six months of personalized case management at One-Stop Career Centers
- My Next Move for Veterans, a Labor Department online tool that allows veterans to match their experience and skills with civilian employment
- The Veterans Job Bank, at National Resource Directory, a job search website that hosts job postings from companies looking to hire veterans