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IN HB1168
Bill
Status
1/8/2018
Primary Sponsor
Martin Carbaugh
Click for details
AI Summary
HB 1168 Summary
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Creates the Indiana Work Opportunity Tax Credit providing employers a $3,000 state tax credit for each eligible veteran hired during a taxable year.
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Defines eligible employees as veterans who served on active duty in the U.S. Armed Forces immediately before employment and work at least 2,000 hours for the employer in Indiana during the taxable year.
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Allows employers to carry over unused tax credits to the next five taxable years but prohibits carryback or refunds of unused credits.
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Permits pass-through entities without state tax liability to allocate the tax credit to shareholders, partners, fiduciaries, or members based on their distributive income percentage.
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Effective January 1, 2019 for taxable years beginning after December 31, 2018, with employers claiming credits on annual state tax returns and maintaining required documentation.
Legislative Description
Tax credit for hiring veterans. Provides for a tax credit known as the Indiana work opportunity tax credit against an employer's state tax liability for the employment of eligible veterans during a taxable year equal to $3,000 for each eligible veteran that the employer employs during the taxable year.
Last Action
First reading: referred to Committee on Ways and Means
1/8/2018