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IN SB0141
Bill
Status
1/4/2017
Primary Sponsor
Lonnie Randolph
Click for details
AI Summary
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Establishes a nonrefundable tax credit for small businesses that hire qualified new employees who are receiving unemployment benefits or are returning military veterans, effective January 1, 2017.
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Tax credit amount is $3,000 per qualified new employee with a maximum of $100,000 per small business per taxable year, applicable only to tax years 2017 through 2019.
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Small business must employ a greater number of full-time employees in the current taxable year than it employed on average during its base employment period (typically January 1, 2016 through June 30, 2016).
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Excess credits may be carried forward to no more than three subsequent taxable years, and businesses forfeit 50% of applicable credits if a qualified new employee is terminated, laid off, reclassified to part-time, or their position is eliminated within 18 months of hiring.
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Qualified new employees must be hired after December 31, 2016, work full-time (at least 35 hours per week), earn at least 200% of federal minimum wage, and cannot be related to business owners or previously employed by the business or related entities within 12 months of hire.
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 (normally January 1, 2016, through June 30, 2016). Provides that the employee must be hired full time. Provides that the credit applies only to taxable years beginning in 2017 through 2019. Provides that
Last Action
First reading: referred to Committee on Tax and Fiscal Policy
1/4/2017