MI HB4221

Allows qualified taxpayers to claim a $1,000 tax credit for each unemployed veteran hired for a full-time job for tax years beginning January 1, 2021 or later.

Defines "qualified taxpayer" as an employer with fewer than 50 full-time employees and "full-time job" as work of 35 hours or more per week with withheld income and Social Security taxes.

Defines "unemployed veteran" as an individual with honorable or general military discharge, who is a Michigan resident, and who is eligible for, currently receiving, or has exhausted unemployment benefits.

Credits cannot exceed the taxpayer's tax liability for the year and excess credits are not refundable.

Department may reduce, terminate, or recapture a percentage of claimed credits if the employer terminates the hired veteran's employment within one year of hiring.