Loading chat...
IN HB1089
Bill
Status
1/6/2015
Primary Sponsor
Christina Hale
Click for details
AI Summary
HB 1089 Summary
-
Creates a tax credit for small businesses in Indiana that hire eligible individuals as full-time employees, equal to the lesser of unreimbursed training expenses or $1,000 per employee.
-
Defines eligible individuals as veterans, individuals aged 50 or older, individuals with physical or developmental disabilities, or individuals who were totally unemployed for the 26 weeks preceding hire date.
-
Limits eligibility to small businesses that employ the majority of workers in Indiana, are independently owned, and have no more than 150 employees on at least 50% of working days.
-
Allows unused credits to be carried forward for up to 9 taxable years following the first year claimed, with no carryback or refund provisions.
-
Applies retroactively to taxable years beginning January 1, 2015.
Legislative Description
Tax credits for hiring certain individuals. Provides a tax credit against state tax liability for a small business that hires an eligible individual as a full-time employee in Indiana. Defines an "eligible individual" as a veteran, an individual who is at least 50 years of age, an individual with a physical or developmental disability, or an individual who has been totally unemployed for each of the 26 weeks preceding the hiring date. Specifies that the amount of the credit for hiring an eligible individual is the lesser of: (1) the amount of the unreimbursed training expenses incurred by the taxpayer
Last Action
First Reading: referred to Committee on Ways and Means
1/6/2015