HB512 Summary

• Taxpayers who hire and retain student workers under age 19 enrolled in school for at least nine months are eligible for an income tax credit.

• Student workers must work during school breaks, after school, weekends, summer, or official holidays within the state.

• Credit equals wages paid to each student worker up to a maximum of $2,500 per student per year, claimed in the year the nine-month period ends and the following year.

• Credit cannot exceed 50 percent of annual tax liability reduced by other allowable credits, with unused portions carried forward for up to five years.

• Credit is limited to businesses and employees in designated areas: 8A Businesses, Empowerment Zones, HUB Zones, Renewal Communities, Tax Incremental Financial Zones, Enterprise Zones, and I-65 Corridor.

• Effective for the 2015 taxable year and subsequent years.