President Obama signed into law on 11/21/2011 a bill that provides tax credits for hiring veterans and repeals a 3 percent tax withholding requirement on government contractors.
The bill was passed with overwhelming support Wednesday by the House after earlier approval by the Senate. Both provisions had been part of Obama’s jobs bill, the American Jobs Act, but had originated in bills with bipartisan support.
The veteran jobs bill signed into law includes a version of Baucus’s tax credit for businesses that hire unemployed veterans. The legislation will provide a $5,600 tax credit for hiring long-term unemployed veterans who have been unemployed for six months or longer in the past year, $2,400 for hiring short-term unemployed veterans who have been unemployed for between four weeks and six months in the past year, $4,800 for service disabled veterans hired within one year of being discharged, and credits of up to $9,600 for hiring veterans with service-related disabilities who have been unemployed for six months or longer in the past year.
For more information: www.onts9.com