Enacts new GS 105-130.49 to Part 1, and new GS 105-153.11 to Part 2, of Article 4, GS Chapter 105, providing identical provisions to establish a work opportunity tax credit for both corporate and individual taxpayers as follows. Allows a credit against corporate or individual taxes imposed under Part 1 or 2, as appropriate, equal to the amount allowed under the specified section of the Internal Revenue Code (Code), for a taxpayer that employs an eligible vocational rehabilitation referral. Defines eligible vocational rehabilitation referral as a referral (defined by the Code) who was unemployed prior to being hired by the taxpayer applying for the credit and is employed by the taxpayer for at least 20 hours per week, above minimum wage, for at least 12 consecutive weeks during the calendar year. Bars the credit from exceeding the total tax imposed for the taxable year less the sum of all credits allowed, except payments of tax made by or on behalf of a taxpayer. Establishes substantiation and recordkeeping requirements, and requires that the Secretary of Revenue have access to relevant records. Bars a taxpayer from claiming the credit if the taxpayer fails to maintain or make available adequate records, or terminates an employee or otherwise reduces its workforce to create a new hire eligible for the credit. Requires taxpayers to provide listed information for the Department of Revenue to itemize and include in the economic incentives report required by GS 105-256. Effective for taxable years beginning on or after January 1, 2023.
WORK OPPORTUNITY TAX CREDIT.
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View NCGA Bill Details | 2023-2024 Session |
AN ACT TO ENACT THE WORK OPPORTUNITY TAX CREDIT.Intro. by Cunningham, Hawkins, Crawford.
Status: Ref To Com On Rules, Calendar, and Operations of the House (House action) (Apr 26 2023)
Bill History:
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Tue, 25 Apr 2023 House: Filed
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Wed, 26 Apr 2023 House: Passed 1st Reading
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Wed, 26 Apr 2023 House: Ref To Com On Rules, Calendar, and Operations of the House
H 853
Bill Summaries:
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Bill H 853 (2023-2024)Summary date: Apr 25 2023 - View Summary
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