A bill aimed at helping returning veterans find jobs became law on Monday.
President Obama signed the VOW to Hire Heroes Act, which includes the Returning Heroes and Wounded Warrior Tax Credits. The items, which were featured in his American Jobs Act, are the only part of the broader bill agreed so far to by both parties in Congress.
Currently, the unemployment rate for vets is 12.1 percent. The pair of tax credits would each incentivize businesses to hire service-members returning from Iraq and Afghanistan.
The Returning Heroes credit provides businesses with a credit of up to $5,600 on the first $14,000 in wages paid to vets who have been out of work for longer than six months. The Wounded Warrior credit gives businesses a maximum credit of $9,600 on the first $24,000 in wages paid to disabled vets who have been unemployed for the same amount of time.
Before the signing, Obama spoke briefly about the need for lawmakers to continue working on reducing the nation’s 9.1 percent jobless rate.
“In addition to our veterans there are millions of other Americans who are still looking for work right now,” he said. “So, my message to every member of Congress is ‘keep going.’”
House Veterans Affairs Committee Chairman Jeff Miller (R-Fla.) said he was happy to see one of his top priorities become law.
“The legislation is also representative of our political parties coming together for a common cause. There should be no dispute to support those who have served our country honorably, and no argument that our veterans deserve the very best from their elected officials.”