· Creates a new tax credit called the "Returning Heroes and Wounded Warrior Credit" to incentivize employers to hire unemployed veterans. The Vow Act provides a credit of 40% of the first $6,000 in wages (up to $2,400) for employers that hire veterans unemployed for 4 weeks or more and credit of up to 40% of the first $14,000 of wages (up to $5,600) for veterans who have been unemployed for 6 months or more.
· Creates a two-year program through the DOL for credentialing and licensing of veterans for specific civilian jobs.
· Requires the federal government to enter into agreements with employers and other organizations to provide job training and develop apprenticeship programs to provide veterans with the education, training, and services necessary to transition to civilian employment.
· Doubles the existing Wounded Warriors Opportunity Tax Credit, increasing the value of the tax credit from $4,800 to $9,600 for veterans who have been unemployed for 6 months and have a service-connected disability.
The Department of Veteran Affairs and the Department of Labor are working together to implement this program by July 1, 2012. More information is available from the Department of Veterans’ Affairs here.