White House plans new veteran-hiring incentives

Friday - 8/5/2011, 9:38am EDT

President Barack Obama plans to head to Washington, D.C.'s Navy Yard today to unveil a $120 million package of new tax incentives for businesses that hire U.S. veterans returning from Iraq and Afghanistan.

The "Returning Heroes Tax Credit" will award $2,400 to firms for each veteran they hire that has been unemployed for less than six months. It gives $4,800 dollars if the veterans were unemployed for more than six months, administration officials said.

The package of measures also includes improved retraining and education for vets to help smooth their transition back into the civilian workforce.

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