Indiana Senate Bill 298 (Prior Session Legislation)

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Spectrum: Partisan Bill (Democrat 1-0)
Status: Introduced on January 7 2019 - 25% progression, died in committee
Action: 2019-01-07 - First reading: referred to Committee on Tax and Fiscal Policy
Pending: Senate Tax and Fiscal Policy Committee
Text: Latest bill text (Introduced) [PDF]

Small business job creation tax credit. Provides a nonrefundable tax credit to a small business for employing a qualified new employee. Defines "qualified new employee" as an individual who is receiving unemployment benefits, is a military veteran, or had been convicted of a felony. Provides that 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, during the period beginning January 1, 2018, and ending June 30, 2018. Provides that the qualified new employee must be hired full time. Provides that the credit applies only to taxable years beginning in 2019, 2020, and 2021. Provides that the credit is $3,000 per qualified new employee, not to exceed $100,000 per small business. Provides that the small business may carry any excess credit over to not more than three subsequent taxable years. Provides that the small business forfeits 50% of the amount of the tax credits attributable to the employment of a qualified new employee, if within 18 months after the qualified new employee was initially hired: (1) the qualified new employee is terminated, laid off, or otherwise reclassified to a position that is not a full-time employment position with the small business; or (2) the position created for the qualified new employee is eliminated.

Small business job creation tax credit. Provides a nonrefundable tax credit to a small business for employing a qualified new employee. Defines "qualified new employee" as an individual who is receiving unemployment benefits, is a military veteran, or had been convicted of a felony. Provides that 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, during the period beginning January 1, 2018, and ending June 30, 2018. Provides that the qualified new employee must be hired full time. Provides that the credit applies only to taxable years beginning in 2019, 2020, and 2021. Provides that the credit is $3,000 per qualified new employee, not to exceed $100,000 per small business. Provides that the small business may carry any excess credit over to not more than three subsequent taxable years. Provides that the small business forfeits 50% of the amount of the tax credits attributable to the employment of a qualified new employee, if within 18 months after the qualified new employee was initially hired: (1) the qualified new employee is terminated, laid off, or otherwise reclassified to a position that is not a full-time employment position with the small business; or (2) the position created for the qualified new employee is eliminated.

Sen. Lonnie Randolph [D]

Date	Chamber	Action
2019-01-07	Senate	First reading: referred to Committee on Tax and Fiscal Policy
2019-01-07	Senate	Authored by Senator Randolph Lonnie M

Type	Source
Summary	https://iga.in.gov/legislative/2019/bills/senate/298/details
Text	http://iga.in.gov/static-documents/1/5/6/5/15650e82/SB0298.01.INTR.pdf