Senate Bill 352 Summary

• Creates a reemployment tax credit allowing taxpayers to claim a credit equal to 10% of wages paid to qualified laid-off employees, capped at $7,000 per employee, for taxable years 2010-2011.

• Limits total tax credits statewide to $7,000,000 annually, with credits prorated among qualifying employers if claims exceed the maximum.

• Establishes an unemployment insurance experience account credit for employers who rehire laid-off employees between July 1, 2010 and July 1, 2012, calculated based on weeks of unemployment benefits received.

• Requires employers to submit documentation with tax returns proving employees are qualified and received unemployment benefits after June 30, 2008 and before January 1, 2012.

• Creates a funding mechanism requiring transfer of claimed tax credits from the special employment and training services fund to the state general fund on August 1, 2011 and 2012, not to exceed $7,000,000 annually.