Senate Bill 504 Summary

• Establishes a $1,000 tax credit for employers who hire eligible returning veterans for employment in Indiana, effective for taxable years beginning after December 31, 2013.

• Defines eligible returning veterans as individuals deployed on active duty in the U.S. military within the two-year period immediately preceding their hire date.

• Credits are prorated based on hours worked, with the full $1,000 credit available only if the veteran works 2,000 hours during the taxable year.

• Unused credits may be carried forward to succeeding taxable years for up to four years, but employers cannot claim this credit if required by law to hire the veteran or if claiming another credit for the same hire.

• Pass-through entities without state tax liability may allocate credits to shareholders, partners, or members based on their distributive income percentage.