Raised Bill No. 167 - Second Chance Employee Tax Credit

• Establishes a tax credit of $900 per month for each qualifying employee hired between October 1, 2020 and October 1, 2022 who was incarcerated within 24 months prior to hiring or is receiving job placement services from the Department of Correction or American Job Centers

• Requires businesses to create minimum numbers of new full-time jobs (32+ hours/week, 48+ weeks/year) to qualify: 3 jobs for businesses with fewer than 50 employees, 5 jobs for businesses with 50-200 employees, and 10 jobs for businesses with over 200 employees

• Allows taxpayers to claim the credit in the income year earned plus the two immediately succeeding years; credits are not refundable and cannot exceed the taxpayer's tax liability

• Caps total credits granted statewide at $3 million per fiscal year and requires Commissioner of Economic and Community Development approval through a certification letter process

• Prohibits taxpayers from claiming credits for employees who are owners, members, or partners in the business and prevents double-claiming of credits under other tax provisions