Provides credits under corporation business tax and gross income tax for qualified wages of certain disabled veterans.
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Progress
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- Introduced
- Passed Senate
- Passed General Assembly
- To Governor
- Became Law
Overview
This bill creates tax credits for corporations and individuals under the corporation business tax and gross income tax to encourage employers to hire qualified disabled veterans. Employers can receive a credit equal to 15% of the wages paid to a veteran meeting specific criteria (honorable discharge, 30% or greater service-connected disability rating, and sustained employment of at least 185 business days), up to a maximum of $1,800 per veteran per year. The credits are temporary, applying to wages paid between January 1, 2023, and January 1, 2026, and include provisions to prevent abuse and ensure credits don't reduce tax liability below statutory minimums.
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Sponsors
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1 on record
Primary sponsor
James Beach
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