Bill > S1336

This bill proposes to create a new tax credit for businesses that hire qualified veterans, defined as Massachusetts residents who served on active duty during specific conflicts like the Vietnam Conflict, Operation Desert Storm, Operation Enduring Freedom, or Operation Iraqi Freedom, and who have an honorable discharge, with their initial hiring date on or after January 1, 2013. The credit would be equal to 5% of the gross wages paid to such a veteran, up to a maximum of $600, for each taxable year that the veteran is employed for at least 185 days, a period referred to as "sustained employment." This credit can be carried forward for up to five years if it exceeds the business's tax liability for a given year, and it cannot reduce the tax owed below a minimum excise amount. Importantly, a business can only receive this credit for a specific veteran for one calendar year, though they can apply for credits related to different veterans in the same or subsequent years.