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