HB 944 Summary

• Establishes a job creation income tax credit of $3,000 per new full-time employee for years one, two, and three of continuous employment, with a cap of 1,000 employees for first-year credits 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.

• Defines qualified employment positions as full-time permanent employment of at least 1,750 hours per year with compensation equal to or above the state's self-sufficiency standard.

• Allows unused tax credits to be carried forward for up to five taxable years and requires annual reporting to the department of taxation with detailed employee and investment information.

• Applies to taxable years beginning after June 30, 2023, and terminates credits if a business is sold or changes ownership through reorganization, stock purchase, or merger.