MS HB740

Authorizes an annual 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.

Credit equals 10% of annual wages paid to each eligible veteran employee or $2,000 per year, whichever is less, for up to five years per employee.

Unused tax credits may be carried forward for five consecutive years from the tax year earned.

Aggregate tax credits awarded under this provision cannot exceed $1,000,000 statewide.

Program applies to new hires after January 1, 2020, requires employees to work at least six consecutive months and average 30 hours per week, and expires January 1, 2023 (with carryforward provisions for previously eligible taxpayers).