HB 1209 Summary

• Establishes the "Hoosier Job Creation Tax Credit" providing small businesses a tax credit of $3,000 per qualified new employee, capped at $100,000 annually, for hiring after December 31, 2013 and before January 1, 2017.

• Qualified new employees must be individuals receiving unemployment benefits, who have exhausted unemployment benefits, or former military members with honorable discharge status.

• Small businesses must employ a greater average number of full-time employees during the taxable year than during their base employment period (January 1, 2012 through December 31, 2013).

• Excess credits may be carried forward to not more than three subsequent taxable years; businesses forfeit 50% of credits if a qualified new employee is terminated or position eliminated within 18 months of hire.

• Credit amount is reduced by any economic development credits, business investment credits, or federal/state training grants claimed for the same employee; tax credit program expires January 1, 2023.