SB 1296 Summary

• Establishes income tax credit of $100 per year for qualified Oklahoma employers who hire honorably discharged veterans within 24 months of discharge.

• Defines "qualified veteran" as someone employed full-time for at least 12 months and "qualified employer" as businesses with 50 or fewer employees domiciled in Oklahoma.

• Credit applies to tax years beginning January 1, 2013 and is limited to a maximum of 2 years of employment per veteran, with prorated amounts for shorter employment periods.

• Credit cannot reduce employer's tax liability below zero and applies against income taxes owed pursuant to Section 2355 of Title 68.

• Effective date: November 1, 2012.