Senate Bill 427 Summary

• Reduces the minimum number of qualified employees required for the new employer tax credit from 10 to 1 employee, effective for taxable years beginning after December 31, 2013.

• Excludes individuals hired as seasonal workers (as defined in IC 22-4-8-4(b)) from the definition of "qualified employee" for taxable years beginning after December 31, 2013.

• Applies separate requirements for two periods: taxable years 2010-2013 require 10 qualified employees, while taxable years after December 31, 2013 require only 1 qualified employee.

• Effective date: July 1, 2013.