Tax Credits

August 8, 2011 by staff 

Tax CreditsTax Credits, Using tax credits to encourage companies to hire U.S. veterans can help men and women returning from war zones move in the routine of civilian jobs, President Barack Obama, he said.

“Today we are telling our veterans, who fought for us and now we’re fighting for you, for jobs and opportunities they need to keep your family strong and to keep America competitive in the 21st century,” said the president and unveiled a plan that offers tax credits to businesses that hire veterans.

Obama, speaking at the Washington Navy Yard Friday, said that the proposal requires a 4800 and “Heroes Return” tax credit to companies that hire unemployed veterans for six months or more and a tax credit and 2,400 if they hire one without work for less than six months, a statement from the White House.

Companies and get a 9600 “wounded warriors” tax credit – an extension of an existing program – if they hire a disabled vet who was unemployed for six months or more, or 4800 and if the vet was out of work for less six months, the counselor said.

Management estimates that the cost of tax credits and 120 million will be two years and funded from current budget reports.

Obama also ordered the Departments of Defense and Veterans Affairs to head a working group on reform, including a “reverse training camp” to help veterans make the transition to civilian careers.

U.S. Office of Personnel Management will be directed to publish a manual that shows how managers of companies to locate veterans with skills and training that match the open positions, CNN reported. And the U.S. Department of Labor is unrolled an “enhanced career development and a package of job search services.”

Obama challenged private sector firms to hire and train 100,000 unemployed veterans or their spouses over the next two years.

His proposal would require congressional approval. The credits would be available in 2012 and 2013.

Schedule of existing military training for soldiers re-enter civilian life has not been successful, top administration officials acknowledged.

A veteran of CBS News said unemployment was probably easier to fight in Iraq than finding a job in the United States.

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