HB 5233 Summary

• Allows qualified taxpayers to claim a $1,000 tax credit for each unemployed veteran hired for a full-time job, effective for tax years beginning January 1, 2019.

• Limits eligibility to employers with fewer than 50 full-time employees; defines full-time job as 35+ hours per week with income and social security taxes withheld.

• Defines "unemployed veteran" as a person with honorable or general discharge from active military service who is a Michigan resident and eligible for, currently collecting, or has exhausted state or federal unemployment benefits.

• Denies refunds if the annual credit exceeds the taxpayer's tax liability for that year.

• Permits the Department of Revenue to reduce, terminate, or add back a percentage of the credit if the employer terminates the veteran's employment within one year of hiring.