HB 965 Summary

• Renames the "enterprise zone jobs credit" to "enterprise zone job stimulus credit" for both sales tax and corporate income tax purposes.

• Removes the minimum threshold requirement for full-time jobs needed to claim the credit, allowing businesses to claim it upon demonstrating job growth rather than meeting a specific minimum number.

• Authorizes the enterprise zone job stimulus credit to be applied to new employees hired, with credit rates ranging from 20-45% of actual monthly wages depending on business location (rural vs. non-rural) and employee residency in enterprise zones.

• Increases the minimum sales price threshold for eligible business property from $2,500 to $5,000 per unit for the enterprise zone property exemption.

• Adds a new disqualification criterion preventing businesses that terminate employees solely for the purpose of claiming the credit from receiving it.

• Effective date: July 1, 2013.