Tax credits for hiring Veterans? It could happen
15th December 2011 · 0 Comments
Thousands of soldiers who served our country may soon find new opportunities to serve in the US. workforce. President Obama has called on Congress to authorize a $120 million, two-year program aimed at facilitating the transition from military to civilian employment. Firms that hire “Returning Heroes” who have been jobless for six months or more would receive a $4,800 tax credit per hire. (Hiring a veteran who has been unemployed for less than six months would earn a business a $2,400 tax credit.) And companies that hire “Wounded Warriors,” wounded veterans who have been out of the job market for six months or more, would receive a $9,600 tax credit for each warrior on the payroll.
While Congress would have to not only approve this “reverse boot camp” program but also pay for it out of the current budget, the program has some interesting points in its favor. Beyond the obvious stimulus of job creation, it could address the unusually high unemployment rate for veterans in our society, which runs more than 3 percent higher than the unemployment rate for the general population. It would also include a push to allow business to consider the skills and positions held by these veterans during their military service as valid qualifications and certifications for equivalent private-sector jobs.
How might such a program benefit your company? Well, there’s the tax credit of course. But you may also find that you have improved access to a high caliber worker. Veterans receive considerable training in the service, often in very sophisticated skills and technologies. They also understand discipline, the chain of command, teamwork and commitment to a job — all qualities that any employer can appreciate.
What are your thoughts on this proposal? Let us hear them!
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