Senate Bill 318 Summary

• Establishes a $1,000 tax credit against state tax liability for each eligible returning veteran hired by an employer during a taxable year, adjusted proportionally based on hours worked.

• Defines "eligible returning veteran" as an individual deployed on active duty in the U.S. military within two years immediately preceding the hire date.

• Prohibits claiming the credit if the employer was required by federal or state law to hire the veteran, or if claiming another credit for the same hire.

• Allows unused credits to carry forward to succeeding taxable years for up to four years, with no carryback or refund of unused amounts.

• Effective for taxable years beginning after December 31, 2012.