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SB 136: "An Act providing a tax credit for employing an Alaska veteran that may be taken against a liability for the tax on corporation income; and providing for an effective date."

00                             SENATE BILL NO. 136                                                                         
01 "An Act providing a tax credit for employing an Alaska veteran that may be taken                                        
02 against a liability for the tax on corporation income; and providing for an effective                                   
03 date."                                                                                                                  
04 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
05    * Section 1. AS 43.20 is amended by adding a new section to article 1 to read:                                     
06            Sec. 43.20.047. Veteran employment tax credit. (a) A taxpayer that hires an                                
07       Alaska veteran and employs the veteran for 1,560 hours or more during the 12                                      
08       consecutive months immediately following the date the Alaska veteran is first                                     
09       employed is entitled to a credit of $2,000 against the tax due under this chapter. The                            
10       taxpayer is entitled to the credit for each veteran whose employment qualifies under                              
11       this subsection.                                                                                                  
12            (b)  The tax credit under this section may be applied against the tax due under                              
13       this chapter for the first tax year ending on or after the end of the 12-month                                    
14       employment period described in (a) of this section. The credit may not be used to                                 
01       reduce a person's tax liability under this chapter below zero for any tax year, and any                           
02       credit or portion of a credit not used under this section may be applied in a later tax                           
03       year.                                                                                                             
04            (c)  A taxpayer shall keep a record of the name of the Alaska veteran employee                               
05       whose employment is the basis for a credit under this section, documentation                                      
06       supporting the employee's qualification as an Alaska veteran, and the Alaska veteran                              
07       employee's hours employed and period of employment. The department may adopt a                                    
08       regulation that lists the documentation that must be maintained to support a claim that                           
09       an employee qualifies as an Alaska veteran for purposes of this section.                                          
10            (d)  In this section, "Alaska veteran" has the meaning given in AS 36.30.175.                                
11    * Sec. 2. This Act takes effect July 1, 2012.