MS HB1607

Authorizes an annual income tax credit of $2,000 for taxpayers employing honorably discharged veterans of the United States Armed Forces, available for five consecutive years per employee.

Requires the employed veteran to work at least six consecutive months during the tax year and average at least 30 hours per week to qualify for the credit.

Limits the tax credit to the amount of tax imposed on the taxpayer for the year minus all other allowable credits, except tax payments already made.

Allows unused tax credits to be carried forward for five consecutive years from the close of the tax year in which credits were earned.

Becomes effective January 1, 2015, and is repealed effective January 1, 2015.