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IN SB0451
Bill
Status
1/12/2017
Primary Sponsor
Michael Delph
Click for details
AI Summary
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Establishes Indiana work opportunity tax credit for employers hiring military members (Indiana National Guard or armed forces reserve components) after June 30, 2017, for taxable years beginning after December 31, 2017, and before January 1, 2023.
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Provides tax credit amounts of $2,000 per qualified employee for for-profit entities and $1,500 per qualified employee for nonprofit entities.
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Prohibits credit claims for employees required to be hired by federal or state law and prevents double-claiming when other hiring credits are used for the same employee.
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Allows unused credits to carry forward up to 4 succeeding taxable years, with no refund or carryback available for excess credits.
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Pass-through entities (partnerships, LLCs, limited liability partnerships, and tax-exempt corporations) without tax liability may allocate credits to shareholders, partners, or members based on their distributive income percentage.
Legislative Description
Indiana work opportunity tax credit. Provides that a taxpayer is entitled to the Indiana work opportunity tax credit against state tax liability for wages paid by the taxpayer during a taxable year beginning after December 31, 2017, and before January 1, 2023, to an individual who: (1) is a member of the Indiana National Guard or a reserve component of the armed forces; (2) is hired by the taxpayer after June 30, 2017; and (3) is employed by the taxpayer during the taxable year. Specifies that for each individual for whom the taxpayer may claim a credit, the amount of
Last Action
First reading: referred to Committee on Tax and Fiscal Policy
1/12/2017