An article published today in The Saratogian by Paul Post outlines the recent renewal of the Returning Heroes and Wounded Warriors tax credits (as target groups within the Work Opportunity Tax Credit program). The so-called American Taxpayer Relief Act of 2012 reauthorized the WOTC program through December 31, 2013.
Senator Charles Schumer, a Democrat from New York, has been a noted supporter of the WOTC program and the related veteran target groups.
“There are far too many veterans in New York and across the country without jobs, and these tax credits for businesses to hire veterans are a proven remedy in addressing that unfortunate truth,” U.S. Sen. Charles Schumer, D-N.Y., said. “Had the Returning Heroes and Wounded Warrior Tax Credits been allowed to expire, New York businesses and veterans alike would have lost a critical tool in getting smart and talented veterans to work.”
This article lists some interesting statistics describing unemployment among recent veterans.
The unemployment rate for veterans who served on active duty in the Armed Forces at any time since September 2001 was 12.1 percent in 2011. The jobless rate for all veterans was 8.3 percent.
Twenty-six percent of Gulf War-era II (2001-11) veterans reported having a service-connected disability in August 2011, compared with about 14 percent of all veterans.
Young male veterans, ages 18 to 24, who served during Gulf War era II had an unemployment rate of 29.1 percent in 2011, higher than that of young male non-veterans (17.6 percent).
Read the entire article.