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IN SB0200
Bill
Status
Introduced
1/9/2014
Primary Sponsor
Timothy Skinner
Click for details
AI Summary
- Provides a $1,000 tax credit against state income tax liability for each eligible returning veteran hired by an employer during a taxable year.
- Defines an eligible returning veteran as an individual deployed on active duty in a U.S. military branch or reserve component within the two-year period immediately before hiring.
- Credits are prorated based on hours worked: the credit amount equals $1,000 multiplied by the lesser of actual hours worked divided by 2,000 hours or one full credit.
- Excess credits not used in the current year may be carried forward to up to four succeeding taxable years, but no carryback or refunds are allowed.
- Applies to taxable years beginning after December 31, 2014, and takes effect July 1, 2014.
Legislative Description
Income tax credit for hiring returning veterans.
Last Action
First Reading: Referred to Appropriations
1/9/2014
Committee Referrals
Appropriations1/9/2014
Full Bill Text
No bill text available