MS HB255

Creates a $2,000 annual income tax credit for employers who hire individuals who were unemployed for at least 6 consecutive months prior to being hired

Tax credit can be claimed for 5 years per qualifying employee, totaling up to $10,000 per hire

Employees must work at least 30 hours per week on average and be employed for at least 6 consecutive months during the tax year to qualify

Unused tax credits may be carried forward for 5 consecutive years; credit cannot exceed the taxpayer's tax liability after other credits are applied

Mississippi Department of Employment Security must verify unemployment status; the tax credit program expires January 1, 2014, though existing credits may still be carried forward after expiration