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IN SB0140
Bill
Status
1/6/2015
Primary Sponsor
Lonnie Randolph
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AI Summary
Senate Bill 140 Summary
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Establishes a nonrefundable tax credit for small businesses that hire qualified new employees (individuals receiving unemployment benefits or returning from military service) and increase their full-time workforce in Indiana during taxable years 2015-2017.
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Provides a credit of $3,000 per qualified new employee, capped at $100,000 per small business annually, with the ability to carry excess credits forward for up to three subsequent taxable years.
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Requires qualified new employees to be hired full-time (at least 35 hours per week) with income at least 200% of federal minimum wage, and prohibits hiring family members or those previously employed by related business entities within 12 months.
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Imposes a 50% forfeiture of tax credits if a qualified new employee is terminated, laid off, reclassified to part-time status, or their position is eliminated within 18 months of hire.
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Effective retroactively to January 1, 2015, with employment levels determined using quarterly payroll reports submitted to the Department of Workforce Development.
Legislative Description
Tax credit for hiring certain individuals. Provides a nonrefundable tax credit to a small business for employing an individual who is receiving unemployment benefits or returning from military service (qualified new employee). Provides that the small business must employ a greater number of full-time employees in Indiana in the taxable year than the small business employed in Indiana, on average, in the small business's base employment period (generally January 1, 2014, through June 30, 2014). Provides that the employee must be hired full time. Provides that the credit applies only to taxable years beginning in 2015 through 2017. Provides that
Last Action
First Reading: referred to Committee on Tax & Fiscal Policy
1/6/2015