This Thursday, the Senate approved part of Obama’s Jobs bill that works to give tax credits to companies that hire military veterans, reports the LA Times.
The day before Veteran’s Day, the Senate voted 94-1 in favor of the proposal. As reported earlier this week by Spark Hire, the national average of unemployed veterans is much higher than the national unemployment rate which is currently over 9 percent. The passed proposal also included an attached bill that provides job training for veterans. Senator Jon Tester (D-Mont.), who co-sponsored the measure was quoted saying, “It’s the right thing to do.”
Voters also repealed a business tax that was set to be placed on companies that contract with the government. The repeal won’t be in effect until 2013 but it is no doubt a beneficial move. It’s also a step in the right direction as the overall package passed through the Senate with a 95-0 vote. Though the proposal still has to pass through the House, approval is highly expected.
The details of the proposed veteran incentive for companies includes a $5,600 tax credit for each veteran the company hires who has been unemployed for at least six months. For veterans that have been unemployed for less than six months, there is a smaller credit. Companies would also be offered a $9,600 tax credit for hiring out-of-work veterans with service-related disabilities.
SOURCE: Los Angeles Time