SB 66 Summary

• Renames the "Heroes for Hire Tax Credit Act of 2012" to the "Veterans Employment Act."

• Expands tax credit eligibility to include all unemployed veterans, removing the requirement that veterans must have been discharged from active service within two years of hire.

• Establishes two veteran categories: "Recently Deployed Unemployed Veterans" (discharged within two years) and "Unemployed Veterans" (any discharge timeframe), both requiring honorable or general discharge and Department of Labor certification of unemployment status.

• Provides a $1,000 nonrefundable tax credit against income tax or financial institution excise tax for each new full-time unemployed veteran hired by qualified employers, effective for tax years beginning January 1, 2017.

• Requires the Department of Labor to coordinate with state agencies to promote veteran hiring, establish prequalification procedures, and certify employer compliance by January 1, 2018.