Sen. Randolph’s SB 164 would offer a tax credit in tax years 2012-2014 to small businesses (having under 150 employees) for hiring, full-time, an individual receiving or who exhausted unemployment benefits at the time the hire is made, after December 31, 2011; or be a former member of the military service who served and was honorably discharged. The credit is non-refundable, can be carried over for three years, and amounts to $3,000 per qualified employee up to a maximum of $100,000 per small business.
The small business must employ a greater number of full-time employees in Indiana in the taxable year than the small business employed in Indiana, on average, in the small business’s base employment period (generally January 1, 2010, through June 30, 2010). Imposes a penalty, if within 18 months after the qualified new employee was initially hired, the employee is hired or made not full-time.
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