Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: MONDAY, November 8, 1993 TAG: 9311060016
SECTION: MONEY PAGE: 6 EDITION: METRO
SOURCE: MAG POFF STAFF WRITER
DATELINE: LENGTH: Medium
In recognition of Veteran's Day on Thursday, the Virginia Society of Certified Public Accountants pointed out the financial and tax benefits provided to veterans by the federal government.
Re-employment assistance.
If you served on active duty and received an honorable discharge, your former employer must restore your old job to you or offer you a comparable position.
If you no longer can perform your former job because you became disabled while serving in the military, the employer must offer you another position of comparable seniority, status and pay.
But you have the responsibility of contacting your previous employer within 90 days after your separation from active duty if you want to qualify for reinstatement.
If you decide not to return to your old job, you can go to the Virginia Employment Commission office and receive assistance. Veterans are eligible for job counseling, testing and referrals to job openings and training programs.
Veterans also are eligible for unemployment benefits if they need assistance during a job search.
Education benefits: You may qualify for financial assistance if you opt to return to school after completing your military duty. Educational benefits vary depending on when you entered military service.
The Montgomery GI Bill provides educational benefits for veterans who entered military service for the first time after June 30, 1985.
You can receive $350 a month in basic benefits for 36 months if you served on active duty for three years or, in the alternative, if you completed two years' active duty plus four years in the selected reserve or National Guard.
Benefits are lower if you enlisted for less than three years.
Keep in mind that you are eligible for these benefits only if you agreed to have your basic pay reduced for the first 12 months of active duty and meet a minimum education requirement.
If you served on active duty between Jan. 1, 1977, and July 1, 1985, you may be able to receive benefits under the Veterans' Education Assistance Program, provided you made a contribution to the program prior to April 1, 1987, and received an honorable discharge.
When you use the assistance program benefits to pursue an approved course of education or training, the government provides $2 for every $1 you contributed to the program.
GI housing loans: Purchasing a home can be a little easier for veterans as a result of the GI Housing Loan program.
To begin with, no down payment is required unless the amount of the loan exceeds the value of the property. The interest rate is generally lower than conventional rates, and it is fixed for the term of the loan.
Veterans are responsible for arranging the loan themselves. They can apply to banks, thrifts or mortgage companies. Exact terms of the loan will vary with the lender.
Pensions: You may also qualify for pension benefits if you are disabled and participated in at least 90 days of active military service, including at least one day during a period of war.
The benefit amount is based on your income, extent of your disability and number of dependents.
Pensions are not paid to you if you have adequate assets available to support yourself and your family.
Tax benefits: The Virginia Society of CPAs points out that most veterans' benefits are not considered part of gross income. Therefore, they are not taxed.
Included in this category are educational allowances, disability payments, grants to seriously disabled veterans for specially equipped homes and motor vehicles and certain veterans' pensions and veterans' insurance proceeds.
by CNB