MS HB885

Reenacts and extends the income tax credit for taxpayers employing honorably discharged veterans who served on active duty after September 11, 2001, and were unemployed for six consecutive months before hiring.

Allows an annual tax credit equal to 10% of annual wages paid to each eligible veteran or $2,000, whichever is less, for five years per employee.

Requires employers to employ the veteran for at least six consecutive months during the year and maintain an average of at least 30 hours per week to claim the credit.

Extends the repealer date of this tax credit section from January 1, 2018, to January 1, 2021, allowing the credit to continue for three additional years.

Caps the aggregate tax credits available under this section at $1,000,000 annually and allows unused credits to be carried forward for five consecutive years.