Income tax, state and corporate; tax credit for hiring veterans. (HB1041)

Introduced By

Del. Mark Keam (D-Vienna)

Description

Tax credit for hiring military veterans.  Establishes beginning January 1, 2012, an individual and corporate income tax credit for taxpayers hiring returning or disabled military veterans into new jobs paying an annual salary of at least $50,000. Returning military veterans are persons who served on active duty on or after September 1, 2001, but not including any person who first served on active duty on or after January 1, 2015. Disabled military veterans are persons who are rated by the U.S. Department of Veterans Affairs as having at least a 50 percent service-connected disability and who were unemployed for at least six months in the calendar year immediately preceding the date on which they were hired into the new job. The tax credit would equal $500 each year for five years for returning military veterans holding the new job continuously throughout the year and $1,000 each year for five years for disabled military veterans holding the new job continuously throughout the year. No credit would be allowed for any year in which the number of full-time employees of the taxpayer is less than the average annual number of full-time employees of the taxpayer in the immediately preceding three years. Read the Bill »

Outcome

History