Vow to Hire Heroes Act of 2011
Yesterday, November 10th, 2011 the Senate passed the VOW to Hire Heroes Act, the bipartisan bill was passed unanimously, and will help our returning veterans transition into civilian jobs by offering tax credits to companies who hire unemployed veterans.
H.R. 674, as amended by Vow to Hire Heroes Act of 2011, contains the Returning Heroes and Wounded Warrior tax credits for firms that hire unemployed veterans that the President proposed to the Congress as part of the American Jobs Act, as well as other reforms to ensure that the men and women who serve are able to navigate this labor market upon exiting the military.
The Vow to Hire Heroes Act provides a new Returning Heroes Tax Credit for firms that hire unemployed veterans. Firms that hire those veterans who have been unemployed at least 4 weeks will be eligible for a tax credit up to $2,400 per employee, while firms that hire veterans who are long-term unemployed (looking for work for over 6 months) will be eligible for a tax credit up to $5,600.
Vow to Hire Heroes Act - H.R. 674 as amended, also provides a Wounded Warriors Tax Credit of up to $9,600 that doubles the existing tax credit for firms that hire long-term unemployed veterans with service-connected disabilities. Together, these tax credits will create a powerful incentive for firms to hire veterans and will help lower the veteran unemployment rate
At CMS we have been working with employers across the United States to both educate them on the advantages of hiring Veterans, disadvantaged, unemployed and disadvantaged youths. CMS works with employers and provides a complete administration of the Work Opportunity Tax Credit program, New Hire Act, Gulf Zone Credits and now the VOW to Hire Heroes Act.
For more information about how the VOW to Hire Heroes Act can work with your business please call Brian Kelly at 860-678-4401.
For additional information on H.R. 674, or Vow to Hire Heroes Act of 2011, please visit: http://www.whitehouse.gov/