MS HB740

Allows taxpayers an annual income tax credit of $2,000 for each honorably discharged veteran hired who was unemployed for at least 90 days before employment, for a five-year period per employee.

Requires the veteran employee to be employed for at least six consecutive months during the year the credit is claimed and work an average of at least 30 hours per week.

Limits the tax credit to the amount of tax imposed on the taxpayer for the taxable year, minus other allowable credits, with unused credits carried forward for five consecutive years.

Designates the Mississippi Department of Employment Security to verify unemployment status of qualifying persons.

Repeals the tax credit effective January 1, 2018, and takes effect January 1, 2013.