H.B. 944 Summary

• Establishes a job creation income tax credit of $3,000 per new full-time employee for years one through three of continuous employment, with a cap of 1,000 employees in the first year across all taxpayers.

• Requires taxpayers to make capital investments of at least $50,000 and hire at least one new full-time employee per business location within 12 months to qualify for the credit.

• Allows excess credits to carry forward for up to five taxable years if they exceed the taxpayer's net income tax liability in a given year.

• Requires annual reporting to the Department of Taxation with detailed employee and capital investment information, and mandates department reporting to the legislature by September 30 each year.

• Applies to taxable years beginning after June 30, 2023, and defines qualified employees as full-time positions with at least 1,750 hours per year and compensation at or above the state self-sufficiency standard.