HB 1023 Income tax, state and corporate; tax credit for hiring certain individuals

About HB-1023

Tax credit for hiring certain individuals released from incarceration. Establishes beginning January 1, 2012, an individual and corporate income tax credit for taxpayers hiring individuals released from incarceration into new jobs paying an annual salary of at least $50,000. Individuals released from incarceration are persons who were released from incarceration for conviction of a felony within the five years immediately preceding the date on which the person was hired into the new job. The tax credit would equal $500 each year for five years for each such employee 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.