NEWS

FACT SHEET: The VOW To Hire Heroes Act

By admin • 10 January 2015 •

1321371787_gty_troops_dm_111111_wblogKEY PROVISIONS:

  • Tax credit of up to $5,600 for hiring veterans who have been looking for a job for more than six months, as well as a $2,400 credit for veterans who are unemployed for more than 4 weeks, but less than 6 months.

 

  • Tax credit of up to $9,600 for hiring veterans with service-connected disabilities who have been looking for a job for more than six months.

 

  • The VOW To Hire Heroes Act makes the Transition Assistance Program (TAP), an interagency workshop coordinated by Departments of Defense, Labor and Veterans Affairs, mandatory for servicemembers moving on to civilian life to help them secure 21st Century jobs through resume writing workshops and career counseling.

 

  • Expands education and training opportunities for older veterans by providing 100,000 unemployed veterans of past eras and wars with up to 1-year of additional Montgomery GI benefits to go towards education or training programs at community colleges or technical schools.

 

  • Provides disabled veterans up to 1-year of additional Vocational Rehabilitation and Employment Benefits.

 

  • Allows service members to begin the federal employment process prior to separation in order to facilitate a truly seamless transition from the military to jobs at VA, Homeland Security, or the many other federal agencies in need of our veterans.

KEY VETERANS STATISTICS:

Veterans Account For Approximately 9.5% Of The Adult U.S. Population. According to the Bureau of Labor and Statistics (BLS), in 2010, 20.2 million men and 1.8 million women in the civilian population were veterans. Of them, 2.2 million were veterans who served in the Gulf Warera II, which is any time after September 2001, and approximately two-thirds of these recent veterans are under 35 years old. Women account for 17% of Gulf War-era II veterans. Furthermore, according to BLS, about 25% (530,000) of Gulf War-era II veterans reported having a service connected disability, whereas only 13% of all veterans have reported a service-connected disability. [BLS Employment Situation of Veterans, 10/20/11.]

  • You can access state-by-state veterans statistics for 2010 HERE.

 

  • You can access county-by-county veterans statistics for 2010 HERE.
Although The Overall Unemployment Rate For Veterans Is Lower Than The National Figure, The Unemployment Rate Among Veterans Returning From Iraq and Afghanistan Has Risen to 12.1%.The national unemployment rate for October was 9.0%, while the overall veterans’ unemployment rate was 7.7%. However, the joblessness rate for Gulf War-era II veterans, of which two thirds are younger than 35 years old, is 12.1%, up from 10.6% at this time last year. Within this group of returning veterans, 240,000 are now unemployed, up nearly 30,000 in the last year. The youngest veterans are the ones having the hardest time finding work. According to BLS, “Young male veterans (those ages 18-24) who served during Gulf War-era II had an unemployment rate of 21.9% in 2010.” [BLS Employment Situation, 11/4/11; BLS Employment Situation of Veterans, 10/20/11; BLS Veterans Employment Figures, 11/4/11.]
Although We Are Making Progress, Veterans Are Over Represented in the Homeless Population, Accounting for 11.5% of All Homeless Adults. During a one year period, an estimated 144,842 veterans spent at least one night in an emergency shelter or transitional housing program, according to a recent report released by the Departments of Housing and Urban Development (HUD) and Veterans Affairs (VA). While that figure is down 3% from last year, it is still an unacceptably high number. Veterans comprise roughly 9.5% of the total U.S. population, but account for approximately 11.5% of all homeless adults in America. In 2010, 1 in 150 veterans were homeless, and 1 in 16 veterans had an income below the poverty line. On a given night in 2010, over 76,000 veterans were homeless. Furthermore, in line with the high unemployment rate for younger veterans, “Young veterans are more than twice as likely to be homeless as their nonveteran counterpart, and young veterans in poverty are almost four times more likely to be homeless than their non-veteran counterparts in poverty.” [HUD’s 2010 Annual Homeless Assessment
Report (AHAR), 10/28/11.]
  • You can access state-by-state statistics on veterans’ homelessness from 2010 HERE.
SHARE Tweet about this on TwitterShare on FacebookShare on Google+Email this to someone

Comments are closed.

GET STARTED

 Please add me to the TaxBreak mailing list

Contact a TaxBreak consultant today for a free tax credit analysis
Get Started Now! 1.800.992.0163

CONTACT US
Live Chat