Bill Text: MN SF2497 | 2011-2012 | 87th Legislature | Introduced
Bill Title: Veteran employment income tax credit
Sponsorship: Partisan Bill (Republican 2)
Status: (Introduced - Dead) 2012-03-19 - Referred to Taxes [SF2497 Detail]
Download: Minnesota-2011-SF2497-Introduced.html
1.2relating to taxes; individual income; providing a tax credit to employers that
1.3employ qualified veterans;amending Minnesota Statutes 2010, section 290.06,
1.4by adding a subdivision.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2010, section 290.06, is amended by adding a
1.7subdivision to read:
1.8 Subd. 36. Employment of qualified veteran tax credit. (a) A taxpayer is allowed a
1.9credit against the tax imposed under this chapter for employment of one or more qualified
1.10veterans.
1.11(b) "Qualified veteran" has the meaning given in section 51 of the Internal Revenue
1.12Code.
1.13(c) The credit equals the credit allowed under section 51 of the Internal Revenue
1.14Code without regard to the limitation to federal liability, but is limited to the portion of the
1.15federal credit allowed for employment of qualified veterans.
1.16(d) The credit under this subdivision is in effect without regard to whether or not the
1.17credit allowed under section 51 of the Internal Revenue Code is allowed for wages paid
1.18during the taxable year.
1.19EFFECTIVE DATE.This section is effective for taxable years beginning after
1.20December 31, 2011.
1.21 Sec. 2. PURPOSE STATEMENT; TAX EXPENDITURES.
1.22 Subdivision 1. Authority. This section is intended to fulfill the requirement under
1.23Minnesota Statutes, section 3.192, that a bill creating, renewing, or continuing a tax
2.1expenditure provide a purpose for the tax expenditure and a standard or goal against
2.2which its effectiveness may be measured.
2.3 Subd. 2. Employment of qualified veteran tax credit. The provisions of section 1,
2.4providing a tax credit for the employment of qualified veterans, are intended to give an
2.5incentive to employers to hire returning veterans who would otherwise be unemployed
2.6and to encourage their reintegration into the community. The standard against which the
2.7effectiveness of the credit is to be measured is the number of veterans who are hired
2.8under the tax credit.
1.3employ qualified veterans;amending Minnesota Statutes 2010, section 290.06,
1.4by adding a subdivision.
1.5BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.6 Section 1. Minnesota Statutes 2010, section 290.06, is amended by adding a
1.7subdivision to read:
1.8 Subd. 36. Employment of qualified veteran tax credit. (a) A taxpayer is allowed a
1.9credit against the tax imposed under this chapter for employment of one or more qualified
1.10veterans.
1.11(b) "Qualified veteran" has the meaning given in section 51 of the Internal Revenue
1.12Code.
1.13(c) The credit equals the credit allowed under section 51 of the Internal Revenue
1.14Code without regard to the limitation to federal liability, but is limited to the portion of the
1.15federal credit allowed for employment of qualified veterans.
1.16(d) The credit under this subdivision is in effect without regard to whether or not the
1.17credit allowed under section 51 of the Internal Revenue Code is allowed for wages paid
1.18during the taxable year.
1.19EFFECTIVE DATE.This section is effective for taxable years beginning after
1.20December 31, 2011.
1.21 Sec. 2. PURPOSE STATEMENT; TAX EXPENDITURES.
1.22 Subdivision 1. Authority. This section is intended to fulfill the requirement under
1.23Minnesota Statutes, section 3.192, that a bill creating, renewing, or continuing a tax
2.1expenditure provide a purpose for the tax expenditure and a standard or goal against
2.2which its effectiveness may be measured.
2.3 Subd. 2. Employment of qualified veteran tax credit. The provisions of section 1,
2.4providing a tax credit for the employment of qualified veterans, are intended to give an
2.5incentive to employers to hire returning veterans who would otherwise be unemployed
2.6and to encourage their reintegration into the community. The standard against which the
2.7effectiveness of the credit is to be measured is the number of veterans who are hired
2.8under the tax credit.
