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Budget Summary FY2018

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Outside Section 33
Data Current as of:  12/6/2017

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Veteran's Tax Credit 1

SECTION 33.   Said section 6 of said chapter 62, as so appearing, is hereby further amended by adding the following subsection:-

(u)(1) A partnership, limited liability corporation or other legal entity engaged in business in the commonwealth that: (i) is not a business corporation subject to the excise under chapter 63; (ii) employs not more than 100 employees; (iii) is certified by the commissioner of veterans' services pursuant to section 2C of chapter 115; and (iv) qualifies for and claims the Work Opportunity Credit allowed under section 51 of the Code, as amended and in effect for the taxable year, for the hiring of qualified veterans in the commonwealth, shall be allowed a credit equal to $2,000 for each qualified veteran hired by the partnership, limited liability corporation or other legal entity. For the purposes of this subsection, "qualified veteran" shall have the same meaning as under section 51(d)(3) of the Code.

(2) To be eligible for a credit under this subsection: (i) the primary place of employment and the primary residence of the qualified veteran shall be in the commonwealth and (ii) not later than the day an individual begins work, a business shall have obtained the applicable certification from the department of career services or any successor agency that the individual is a qualified veteran.

(3) The credit under this subsection shall be attributed on a pro rata basis to the owners, partners or members of the legal entity entitled to the credit under this subsection and shall be allowed as a credit against the tax due under this chapter from such owners, partners or members in a manner determined by the commissioner.

(4) A business that is eligible for and claims the credit allowed under this subsection in a taxable year with respect to a qualified veteran shall be eligible for a second credit of $2,000 in the subsequent taxable year with respect to such qualified veteran, subject to certification of continued employment during the subsequent taxable year in the manner required by the commissioner. A credit allowed under this subsection shall not be transferable or refundable. Any amount of the credit allowed under this subsection that exceeds the tax due for a taxable year may be carried forward to any of the 3 subsequent taxable years.

(5) The total cumulative value of the credits authorized pursuant to this subsection and section 38GG of chapter 63 shall not exceed $1,000,000 annually.