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IN HB1267
Bill
Status
1/10/2019
Primary Sponsor
Doug Gutwein
Click for details
AI Summary
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Employers who employ National Guard or U.S. armed forces reserve members called to active duty receive a state tax credit equal to 50% of the employee's hourly wage multiplied by hours missed from regular work while on active duty
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Applies to taxable years beginning after December 31, 2019, with an effective date of July 1, 2019
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Credit applies against adjusted gross income tax, financial institutions tax, and insurance premiums tax liability
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Unused credits may be carried forward for up to 4 taxable years but cannot be refunded or carried back
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Pass-through entities (S corporations, partnerships, LLCs, LLPs) may distribute the credit proportionally to shareholders, partners, or members based on their share of distributive income
Legislative Description
Tax credit for employing guard and reserve members. Provides a tax credit against state tax liability each taxable year to an employer that employs a member of the National Guard or a reserve component of the armed forces of the United States who is called to active duty.
Last Action
First reading: referred to Committee on Ways and Means
1/10/2019