Editorial: An incentive to hire vets

While it’s a tough market for many job hunters, it can be especially difficult for U.S. servicemen and servicewomen who are transitioning back into civilian life — or those who might be called up for active duty at any time.

While the official U.S. unemployment rate is about 9 percent, it’s estimated that 15.2 percent of veterans were out of work in January, an increase from 12.6 percent a month earlier. It’s even higher among National Guard and Reserve members, with an unemployment rate as high as 21 percent, a statistic at least partly driven by the reluctance of some employers to sign up those who require time off for regular service requirements and might be called up for active duty.

Nationwide, about 1.1 million veterans are unemployed. Clearly, even after they return from the front lines, America’s veterans can face another battle in finding a job, and that can place additional stresses on families who have already been subjected to the strains of lengthy deployments.

Bipartisan legislation co-sponsored by Sen. Kay Hagan (D-N.C.) is designed to put more vets into the ranks of the employed. The Hire a Hero Act, introduced last week by Hagan and Sen. Scott Brown (R-Mass.) would provide tax credits to business that hire members of the Guard and Reserve. The bill — with corresponding legislation also being introduced in the House — would extend and expand the existing Work Opportunity Tax Credit, which offers employers incentives to hire vets who meet certain guidelines. In addition to providing substantial tax credits to businesses that hire members of the Guard and Reserve, the Hire a Hero legislation also would make the credit permanent for veterans. The existing credit must be reauthorized each year and is set to expire in August.

With about 25,000 National Guardsmen and Reservists in North Carolina, the bill could encourage companies to boost hiring here and in other states with significant veteran populations. Its costs would come from funds already set aside in the budget.

Of course, the possibility of a tax break isn’t the only, or even the best, reason for businesses to hire vets. Those with military experience offer the benefits of diverse skills, a disciplined approach to duty and immersion in a team- and goal-oriented culture. However, a tax credit could help seal the deal for companies that want to expand their workforce but are reluctant to do so until the economy gains more steam. Our veterans make great sacrifices to help keep our nation safe. The Hire a Hero Act is one way to give back.