Nov. 19 (Bloomberg) -- President Barack Obama will sign a bill into law Nov. 21 that provides tax credits to companies that hire unemployed veterans, the White House said in a statement.
The tax breaks, which range from $5,600 to $9,600, are part of a bill that repeals a requirement that federal, state and local governments begin withholding 3 percent of payments to contractors in 2013. The Senate and House passed the bill unanimously on Nov. 10 and Nov. 17 respectively.
“No veteran who fought for our country should have to fight for a job when they come home,” Obama said in a statement Nov. 16. “This is a good first step, but it is only a step. Congress needs to pass the rest of my American Jobs Act so that we can create jobs and put money in the pockets of the middle class.”
The unemployment rate for military veterans who joined the service since the Sept. 11 terrorist attacks was 12.1 percent in October, according to the Labor Department.
Tax credits in the legislation, H.R. 674, are one element of the president’s $447 billion jobs bill and represent one of the few areas of agreement between the White House and congressional Republicans.
--With assistance from Steve Sloan in Washington. Editors: Ann Hughey, Christian Thompson.
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