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IN HB1041
Bill
Status
1/6/2015
Primary Sponsor
Richard Hamm
Click for details
AI Summary
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Provides a $500 annual income tax credit against adjusted gross income tax liability for individuals who serve as volunteer firefighters during the taxable year.
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Applies only to taxable years beginning after December 31, 2015, with an effective date of July 1, 2015.
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Credit cannot exceed the taxpayer's total adjusted gross income tax liability for the year after all other credits are applied, and unused credits cannot be carried forward, carried back, or refunded.
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Requires fire departments to issue a confirmation of service form by February 1 each year to volunteer firefighters who served during the preceding calendar year.
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Volunteer firefighters claiming the credit must submit the confirmation of service with paper tax returns or retain it with their records for electronic filings, with the department able to request submission upon audit.
Legislative Description
Income tax credit for volunteer firefighters. Provides that an individual who is a volunteer firefighter is entitled to a credit of $500 against the individual's adjusted gross income tax liability each taxable year.
Last Action
First Reading: referred to Committee on Ways and Means
1/6/2015