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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.