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HF 1432

as introduced - 88th Legislature (2013 - 2014) Posted on 03/11/2013 02:41pm

KEY: stricken = removed, old language.
underscored = added, new language.
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A bill for an act
 relating to taxes; individual income and corporate franchise; providing a tax
credit to employers that employ qualified veterans; amending Minnesota Statutes
2012, section 290.06, by adding a subdivision.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2012, section 290.06, is amended by adding a
subdivision to read:


new text begin Subd. 36. new text end

new text begin Employment of qualified veteran tax credit. new text end

new text begin (a) For taxable years
beginning after December 31, 2012, and before January 1, 2016, a taxpayer is allowed a
credit against the tax imposed under this chapter for employment of one or more qualified
veterans.
 new text end

new text begin (b) "Qualified veteran" has the meaning given in section 51 of the Internal Revenue
Code.
 new text end

new text begin (c) The credit equals the credit allowed under section 51 of the Internal Revenue
Code without regard to the limitation to federal liability, but is limited to the portion of the
federal credit allowed for employment of qualified veterans in Minnesota.
 new text end

new text begin (d) The credit under this subdivision is in effect without regard to whether or not the
credit allowed under section 51 of the Internal Revenue Code is allowed for wages paid
during the taxable year.
 new text end

new text begin (e) If the amount of the credit determined under this section exceeds the liability for
tax under this chapter, the excess may be carried forward to each of the next ten taxable
years. The entire amount of the excess unused credit for the taxable year shall be carried
first to the earliest of the taxable years to which the credit may be carried, and then to each
successive year to which the credit may be carried. The amount of the unused credit which
may be added under this paragraph shall not exceed the taxpayer's liability for tax less the
credit under this section for the taxable year.
 new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxable years beginning after
December 31, 2012.
 new text end