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IN SB0437
Bill
Status
1/10/2018
Primary Sponsor
Greg Taylor
Click for details
AI Summary
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Creates a nonrefundable tax credit of $3,000 per qualified new employee hired by a small business, capped at $100,000 per small business for taxable years 2018-2020.
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Qualified new employees must be full-time workers receiving unemployment benefits or having exhausted unemployment eligibility, and must be former military members with honorable discharge who were hired after December 31, 2017.
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Small businesses must employ more full-time employees in Indiana during the taxable year than their average employment during the base employment period (January 1, 2017 through June 30, 2017).
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Unused credits may be carried forward to not more than three subsequent taxable years; small businesses forfeit 50% of credits if a qualified new employee is terminated, laid off, reclassified to part-time, or their position is eliminated within 18 months of hire.
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Effective January 1, 2018 (retroactive); credits are reduced if the small business receives other employment-related tax credits or federal/state training grants for the same employee.
Legislative Description
Tax credit for hiring unemployed veterans. Provides a nonrefundable tax credit to a small business for employing an individual who is receiving unemployment benefits and 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, 2017, through June 30, 2017). Provides that the employee must be hired full time. Provides that the credit applies only to taxable years beginning in 2018 through 2020. Provides that
Last Action
First reading: referred to Committee on Tax and Fiscal Policy
1/10/2018