House Bill 1294 Summary

• Establishes a state tax credit for small businesses that hire eligible individuals as full-time employees in Indiana, effective January 1, 2014 (retroactive).

• Defines eligible individuals as veterans, individuals age 50 or older, or individuals totally unemployed for the 26 weeks preceding their hire date.

• Tax credit amount equals the lesser of unreimbursed training expenses incurred or $1,000 per eligible individual hired.

• Requires small businesses to employ majority of workforce in Indiana, be independently owned, and employ no more than 150 employees on at least 50% of working days.

• Allows unused credits to carry forward up to 9 taxable years following the year first claimed, but prohibits carryback or refund of unused credits.