Bill Text: MN HF1432 | 2013-2014 | 88th Legislature | Introduced
Bill Title: Tax credit provided to employers that employ qualified veterans.
Sponsorship: Partisan Bill (Democrat 1)
Status: (Introduced - Dead) 2013-03-11 - Introduction and first reading, referred to State Government Finance and Veterans Affairs [HF1432 Detail]
Download: Minnesota-2013-HF1432-Introduced.html
1.2relating to taxes; individual income and corporate franchise; providing a tax
1.3credit to employers that employ qualified veterans;amending Minnesota Statutes
1.42012, section 290.06, by adding a subdivision.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2012, section 290.06, is amended by adding a
1.7subdivision to read:
1.8 Subd. 36. Employment of qualified veteran tax credit. (a) For taxable years
1.9beginning after December 31, 2012, and before January 1, 2016, a taxpayer is allowed a
1.10credit against the tax imposed under this chapter for employment of one or more qualified
1.11veterans.
1.12(b) "Qualified veteran" has the meaning given in section 51 of the Internal Revenue
1.13Code.
1.14(c) The credit equals the credit allowed under section 51 of the Internal Revenue
1.15Code without regard to the limitation to federal liability, but is limited to the portion of the
1.16federal credit allowed for employment of qualified veterans in Minnesota.
1.17(d) The credit under this subdivision is in effect without regard to whether or not the
1.18credit allowed under section 51 of the Internal Revenue Code is allowed for wages paid
1.19during the taxable year.
1.20(e) If the amount of the credit determined under this section exceeds the liability for
1.21tax under this chapter, the excess may be carried forward to each of the next ten taxable
1.22years. The entire amount of the excess unused credit for the taxable year shall be carried
1.23first to the earliest of the taxable years to which the credit may be carried, and then to each
1.24successive year to which the credit may be carried. The amount of the unused credit which
2.1may be added under this paragraph shall not exceed the taxpayer's liability for tax less the
2.2credit under this section for the taxable year.
2.3EFFECTIVE DATE.This section is effective for taxable years beginning after
2.4December 31, 2012.
1.3credit to employers that employ qualified veterans;amending Minnesota Statutes
1.42012, section 290.06, by adding a subdivision.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2012, section 290.06, is amended by adding a
1.7subdivision to read:
1.8 Subd. 36. Employment of qualified veteran tax credit. (a) For taxable years
1.9beginning after December 31, 2012, and before January 1, 2016, a taxpayer is allowed a
1.10credit against the tax imposed under this chapter for employment of one or more qualified
1.11veterans.
1.12(b) "Qualified veteran" has the meaning given in section 51 of the Internal Revenue
1.13Code.
1.14(c) The credit equals the credit allowed under section 51 of the Internal Revenue
1.15Code without regard to the limitation to federal liability, but is limited to the portion of the
1.16federal credit allowed for employment of qualified veterans in Minnesota.
1.17(d) The credit under this subdivision is in effect without regard to whether or not the
1.18credit allowed under section 51 of the Internal Revenue Code is allowed for wages paid
1.19during the taxable year.
1.20(e) If the amount of the credit determined under this section exceeds the liability for
1.21tax under this chapter, the excess may be carried forward to each of the next ten taxable
1.22years. The entire amount of the excess unused credit for the taxable year shall be carried
1.23first to the earliest of the taxable years to which the credit may be carried, and then to each
1.24successive year to which the credit may be carried. The amount of the unused credit which
2.1may be added under this paragraph shall not exceed the taxpayer's liability for tax less the
2.2credit under this section for the taxable year.
2.3EFFECTIVE DATE.This section is effective for taxable years beginning after
2.4December 31, 2012.
