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IN HB1251
Bill
Status
1/13/2015
Primary Sponsor
Justin Moed
Click for details
AI Summary
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Establishes the "Hoosier Job Creation Tax Credit" for small businesses hiring qualified new employees between January 1, 2015, and December 31, 2017.
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Qualified new employees must be either individuals receiving or who have exhausted unemployment benefits, or former military service members with honorable discharge who are hired for the first time after December 31, 2014.
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Tax credit equals $3,000 per qualified new employee or additional full-time employee hired, up to a maximum of $100,000 per taxable year, with pro-rata reduction for taxable years shorter than 12 months.
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Small businesses must employ more full-time employees on average during the taxable year than during the base employment period (January 1 - June 30, 2013) to qualify for the credit.
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Unused credits may be carried forward for up to three subsequent taxable years; businesses forfeit 50% of credits if a qualified new employee is terminated or reclassified within 18 months; the tax credit chapter expires January 1, 2024.
Legislative Description
Tax credit for hiring new employees. Provides a credit against state tax liability to a small business for hiring a sufficient number of new employees after December 31, 2014, and before January 1, 2018: (1) who are receiving unemployment benefits or have exhausted their unemployment benefits; or (2) who are former members of the armed services of the United States or the National Guard.
Last Action
First Reading: referred to Committee on Ways and Means
1/13/2015