House Bill 1545

AN ACT TO AUTHORIZE AN INCOME TAX CREDIT FOR TAXPAYERS THAT EMPLOY PERSONS WHO ARE HONORABLY DISCHARGED VETERANS OF THE ARMED FORCES OF THE UNITED STATES; TO PROVIDE THE AMOUNT OF THE TAX CREDIT; TO LIMIT THE AMOUNT OF THE TAX CREDIT THAT MAY BE CLAIMED IN A 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 is an honorably discharged veteran who served in the Armed Forces of the United States 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 (5) 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 taxpayer 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 taxpayer during that time.

(2) The tax credits provided for in this section shall be in addition to any other credit authorized under law.

(3) This section shall be repealed from and after January 1, 2019.

SECTION 2. Section 1 of this act shall be codified as a separate section in Chapter 7, Title 27, Mississippi Code of 1972.

SECTION 3. Nothing in this act shall affect or defeat any claim, assessment, appeal, suit, right or cause of action for taxes due or accrued under the income tax laws before the date on which this act becomes effective, whether such claims, assessments, appeals, suits or actions have been begun before the date on which this act becomes effective or are begun thereafter; and the provisions of the income tax laws are expressly continued in full force, effect and operation for the purpose of the assessment, collection and enrollment of liens for any taxes due or accrued and the execution of any warrant under such laws before the date on which this act becomes effective, and for the imposition of any penalties, forfeitures or claims for failure to comply with such laws.

SECTION 4. This act shall take effect and be in force from and after January 1, 2014.