Senate Bill 583 Summary

• Reduces the minimum number of qualified employees required for a corporation or pass-through entity to claim the new employer tax credit from 10 to 1 employee, effective for taxable years beginning after December 31, 2011.

• Excludes individuals hired as seasonal workers from the definition of "qualified employee" for taxable years beginning after December 31, 2011.

• Extends the deadline for applying for the new employer tax credit by one year, from before January 1, 2013 to before January 1, 2014.

• Maintains separate requirements for two periods: taxable years beginning after December 31, 2009 and before January 1, 2012 (10 employee minimum) and taxable years beginning after December 31, 2011 (1 employee minimum).

• Effective July 1, 2011.