Jobs remain at the core of the presidential campaign, even though the election has come to its conclusion and President Obama was chosen to serve a second term. Regardless of which political party you belong to, you can be certain that jobs will remain at the forefront of political theater. One area of legislation specific to veterans and jobs to follow is the much contested jobs bill proposed last year by the President under the American Jobs Act.
The American Jobs Act, if passed, will provide incentives to employers to hire, cut payroll taxes as well as provide additional incentives to increase hiring opportunities for vets and other Americans, including infrastructure investments and other programs to encourage consumer spending and jobs growth. The Jobs Act is estimated to create anywhere from 1.3 million jobs over the next year.
Specific to the American Jobs Act and veterans, the proposed legislation includes:
Tax credits for veterans
Dubbed the Returning Heroes Tax Credit, this proposed incentive provides businesses up to $5,600 to encourage the hiring of veterans who have been unemployed six months or longer. And the Wounded Warriors Tax Credit provides an incentive of $9,600 for businesses who hire veterans with service-connected disabilities.
Payroll tax credit for veterans
The plan proposes an extension of the payroll tax cut passed last December, which reduces the tax burden on households by $1,100.
Opportunities for veterans to find work
Up to $4,000 in tax credits for businesses that hire workers who have been looking for a job for more than six months. It also includes legislation prohibiting employers from discriminating against unemployed workers.
Post-service career transition programs
Led by the Department of Defense, s task force created to help former service members with career-readiness, as well as provide job search services through the Department of Labor for these transitioning veterans.
For more information on the American Jobs Act, visit here.
Along with this proposed Jobs Act legislation, President Obama has supported other programs that assist veterans and service members in obtaining the necessary education and support to find work. Programs like the expansion of the post-9/11 G.I Bill and tax credits for employers to encourage veteran hiring via the existing Veterans Opportunity to Work Act – or VOW, are just a few examples.