Bill Text: MS HB1694 | 2010 | Regular Session | Introduced
Bill Title: Income tax; authorize a job credit for employers that hire certain unemployed persons.
Sponsorship: Partisan Bill (Democrat 1)
Status: (Failed) 2010-02-24 - Died In Committee [HB1694 Detail]
Download: Mississippi-2010-HB1694-Introduced.html
MISSISSIPPI LEGISLATURE
2010 Regular Session
To: Ways and Means
By: Representative Moss
House Bill 1694
AN ACT TO AUTHORIZE AN INCOME TAX CREDIT FOR TAXPAYERS THAT EMPLOY PERSONS WHO, AT THE TIME OF SUCH EMPLOYMENT, WERE UNEMPLOYED AND HAD BEEN UNEMPLOYED FOR AT LEAST SIX MONTHS IMMEDIATELY PRECEDING EMPLOYMENT; TO PROVIDE THE AMOUNT OF THE TAX CREDIT; TO LIMIT THE AMOUNT OF THE TAX CREDIT THAT MAY BE CLAIMED IN ANY TAXABLE YEAR; TO AUTHORIZE ANY TAX CREDIT CLAIMED BUT NOT USED IN ANY TAXABLE YEAR TO BE CARRIED FORWARD FOR FIVE CONSECUTIVE YEARS; AND FOR RELATED PURPOSES.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI:
SECTION 1. (1) Subject to the provisions of this section, a taxpayer that employs a person who, at the time of such employment, was unemployed and had been unemployed for at least six (6) months immediately preceding the employment, shall be allowed an annual credit against the taxes imposed under this chapter. The credit shall be for an annual amount of Two Thousand Dollars ($2,000.00) for five years for each person so employed. However, the tax credit shall not exceed the amount of tax imposed upon the taxpayer for the taxable year reduced by the sum of all other credits allowable to the taxpayer under this chapter, except credit for tax payments made by or on behalf of the taxpayer. Any tax credit claimed under this section but not used in any taxable year may be carried forward for five (5) consecutive years from the close of the tax year in which the credits were earned. In order to be eligible to claim a tax credit for an employee, the employer must employ the employee for at least six (6) consecutive months during the year for which the credit is claimed and the employee must work an average of at least thirty (30) hours per week for the employer during that time.
(2) The Mississippi Department of Employment Security shall verify the unemployment status of a person for the purposes of this section.
(3) The tax credits provided for in this section shall be in lieu of the tax credits provided for in Section 57-73-21 and any taxpayer using the tax credit authorized in this section shall not use the tax credit authorized in Section 57-73-21.
(4) Any taxpayer who is eligible for the credit authorized in this section prior to January 1, 2013, shall be eligible for the credit authorized in this section, notwithstanding the repeal of this section, and shall be allowed to carry forward the credit after January 1, 2013, as provided for in subsection (1) of this section.
(5) This section shall be repealed from and after January 1, 2013.
SECTION 2. Section 1 of this act shall be codified in Chapter 7, Title 27, Mississippi Code of 1972.
SECTION 3. This act shall take effect and be in force from and after January 1, 2010.
