HB 1428 Summary

• Provides a nonrefundable $750 tax credit per qualified new employee hired by a taxpayer, available only when the state unemployment rate exceeds 7.5% during the calendar year.

• Requires the hired employee to have received unemployment insurance benefits for at least three months immediately before hiring or to have exhausted unemployment eligibility, and to be employed for at least 180 days during the taxable year.

• Restricts eligibility to individuals hired after June 30, 2011, who have not worked for related business entities within 12 months and who are not family members of owners or employees with 5% or greater ownership interest.

• Allows taxpayers to carry excess credits over to not more than three subsequent taxable years if the credit exceeds their tax liability, but provides no carryback or refund of unused credits.

• Reduces the tax credit by any economic development for a growing economy tax credits, Hoosier business investment tax credits, or federal or state training grants attributable to the same employee.