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IN HB1611
Bill
Status
1/23/2017
Primary Sponsor
Peggy Mayfield
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AI Summary
HB 1611 Summary
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Establishes a $3,000 tax credit for employers who hire individuals convicted of a felony under federal or state law, provided the hire occurs within 12 months of the individual's most recent conviction or release from prison.
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Limits annual state tax credits to $1,000,000 for fiscal years ending before July 1, 2018, and $2,500,000 for fiscal years beginning July 1, 2018 and thereafter, with approval granted on a first-filed basis.
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Allows unused credits to be carried forward to succeeding taxable years for up to nine years, but prohibits carryback or refunds of excess credits.
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Prohibits employers from claiming the credit if they are legally required to hire the individual, claim another hiring credit for the same person, or hire to replace a laid-off or striking employee.
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Requires the Department of Insurance, Department of State Revenue, and Department of Correction to submit a joint report by August 1, 2020, evaluating the credit's effectiveness and impact on ex-offenders, corrections, and community programs.
Legislative Description
Tax incentive for hiring ex-offenders. Provides a tax credit against state tax liability each taxable year for a taxpayer that hires an ex-felon. Specifies that the amount of the credit is $3,000 for each qualified individual the employer hires during the taxable year. Provides that the maximum amount of credits allowed per state fiscal year may not exceed $1,000,000 in a state fiscal year ending before July 1, 2018, and may not exceed $2,500,000 in the state fiscal year beginning July 1, 2018, or in a subsequent state fiscal year. Requires a reporting on the tax credit before August 1,
Last Action
First reading: referred to Committee on Ways and Means
1/23/2017