Bill > S04382

This bill creates a tax credit to incentivize employers to hire individuals who have been convicted of a felony and are currently on probation or parole. The tax credit is available for employers who hire a qualified employee who has been convicted of a felony, is on probation or parole, and has worked full-time for at least 180 days or 400 hours. Employers can receive a tax credit equal to 35% of the first $6,000 in wages paid to such an employee during their first year of employment. If the employee also qualifies for the federal work opportunity tax credit, the employer can claim the 35% credit on the employee's second-year wages instead. The credit can be carried over to future tax years if the full amount cannot be claimed in a single year, and it is designed to align with existing federal work opportunity tax credit provisions. This bill applies to various state tax articles, including personal income tax, corporate franchise tax, and utility tax, and will take effect for taxable years beginning on or after January 1, 2025.