ID H0661

Establishes a special income tax credit for taxpayers who increase employment of new employees hired before April 14, 2011, above their prior year or three-year average employment level, with a minimum of one new employee required.

Provides two credit amounts: $1,000 per employee earning at least $15.50 per hour with employer-provided health coverage, or $500 per employee in revenue-producing enterprises.

Limits total credit to 3.25% of net income from the business where employment occurred, and caps all credits (except one exception) at 50% of tax liability.

Allows unused credits to carry forward for three succeeding taxable years on a first-in, first-out basis, provided employment levels are maintained.

Applies retroactively to January 1, 2011, and expires on January 1, 2017.