A tax credit created to help former servicemembers find employment opportunities is set to expire at the end of 2013, jeopardizing the future of veterans in the workforce, according to CNN Money. The credit offers companies a $9,600 incentive to hire veterans, who often have trouble finding work when returning from military service.
Called the Returning Heroes Tax Credit, the law was passed in November 2011. Earlier this year, President Obama called on Congress to make the tax credit a permanent fixture in the nation's fiscal budget. However, the news source stated that Congress has yet to do so, which means the credit will expire unless immediately renewed. The source added that several lawmakers, including Sen. Richard Blumenthal, D-CT, are attempting to keep the tax credit alive through new legislation.
According to the U.S. Bureau of Labor Statistics, 7.5 percent of veterans are unemployed, just slightly hired than the national unemployment rate, which currently stands at 7.2 percent. While this number is lower than it has been in previous years – when the tax credit was introduced, 8.6 percent of veterans were unemployed – Gulf War-era II veterans continue to have the highest rate of unemployment at more than 11 percent and face a number of obstacles when re-entering the workforce.