STATE OF OKLAHOMA

2nd Session of the 53rd Legislature (2012)

SENATE BILL 1632	By:	Marlatt

AS INTRODUCED

An Act relating to income tax; defining terms; providing income tax credit for employment of qualified veteran; limiting amount of credit and use of credit for purposes of tax liability; providing for codification; and providing an effective date.

BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1.     NEW LAW     A new section of law to be codified in the Oklahoma Statutes as Section 2357.403 of Title 68, unless there is created a duplication in numbering, reads as follows:
A.  As used in this section:
1.  "Qualified veteran" means any person honorably discharged within the past twelve (12) months from active duty with the United States Armed Forces or Oklahoma National Guard and employed by or contracting with a qualified Oklahoma employer for the first time on or after January 1, 2012, who has been employed for at least twelve (12) months on a full-time-equivalent basis with the qualified Oklahoma employer; and
2.  "Qualified Oklahoma employer" means a sole proprietor, general partnership, limited partnership, limited liability company, corporation, other legally recognized business entity, or public entity which:
a.	has its principal business activity domiciled in Oklahoma,
b.	during the immediately preceding four (4) calendar quarters, has an average of no more than fifty (50) full-time employees in this state, and
c.	employs or contracts with a qualified veteran.
B.  For taxable years beginning on or after January 1, 2013, a qualified employer shall be allowed a one-time credit against the tax imposed pursuant to Section 2355 of Title 68 of the Oklahoma Statutes equal to Five Thousand Dollars ($5,000.00) for each qualified veteran employed or contracted with during the year.
C.  The credit authorized by this section shall not be used to reduce the tax liability of the qualified employer to less than zero (0).
SECTION 2.  This act shall become effective November 1, 2012.

53-2-2136	JCR	1/19/2012 1:29:42 PM