Bill Text: MN HF2139 | 2011-2012 | 87th Legislature | Engrossed
Bill Title: Tax credit provided to employers who employ qualified veterans.
Spectrum: Moderate Partisan Bill (Republican 8-1)
Status: (Introduced - Dead) 2012-03-01 - Author added Gottwalt [HF2139 Detail]
Download: Minnesota-2011-HF2139-Engrossed.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.
1.19(e) If the amount of the credit determined under this section exceeds the liability for
1.20tax under this chapter, the excess may be carried forward to each of the next ten taxable
1.21years. The entire amount of the excess unused credit for the taxable year shall be carried
1.22first to the earliest of the taxable years to which the credit may be carried, and then to each
1.23successive year to which the credit may be carried. The amount of the unused credit which
2.1may be added under this paragraph shall not exceed the taxpayer's liability for tax less the
2.2credit under this section for the taxable year.
2.3EFFECTIVE DATE.This section is effective for taxable years beginning after
2.4December 31, 2011.
2.5 Sec. 2. PURPOSE STATEMENT; TAX EXPENDITURES.
2.6 Subdivision 1. Authority. This section is intended to fulfill the requirement under
2.7Minnesota Statutes, section 3.192, that a bill creating, renewing, or continuing a tax
2.8expenditure provide a purpose for the tax expenditure and a standard or goal against
2.9which its effectiveness may be measured.
2.10 Subd. 2. Employment of qualified veteran tax credit. The provisions of section 1,
2.11providing a tax credit for the employment of qualified veterans, are intended to give an
2.12incentive to employers to hire returning veterans who would otherwise be unemployed
2.13and to encourage their reintegration into the community. The standard against which the
2.14effectiveness of the credit is to be measured is the number of veterans who are hired
2.15under 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.
1.19(e) If the amount of the credit determined under this section exceeds the liability for
1.20tax under this chapter, the excess may be carried forward to each of the next ten taxable
1.21years. The entire amount of the excess unused credit for the taxable year shall be carried
1.22first to the earliest of the taxable years to which the credit may be carried, and then to each
1.23successive year to which the credit may be carried. The amount of the unused credit which
2.1may be added under this paragraph shall not exceed the taxpayer's liability for tax less the
2.2credit under this section for the taxable year.
2.3EFFECTIVE DATE.This section is effective for taxable years beginning after
2.4December 31, 2011.
2.5 Sec. 2. PURPOSE STATEMENT; TAX EXPENDITURES.
2.6 Subdivision 1. Authority. This section is intended to fulfill the requirement under
2.7Minnesota Statutes, section 3.192, that a bill creating, renewing, or continuing a tax
2.8expenditure provide a purpose for the tax expenditure and a standard or goal against
2.9which its effectiveness may be measured.
2.10 Subd. 2. Employment of qualified veteran tax credit. The provisions of section 1,
2.11providing a tax credit for the employment of qualified veterans, are intended to give an
2.12incentive to employers to hire returning veterans who would otherwise be unemployed
2.13and to encourage their reintegration into the community. The standard against which the
2.14effectiveness of the credit is to be measured is the number of veterans who are hired
2.15under the tax credit.
