HB 730 -- Income Tax Credit for Military-Related Compensation
Beginning January 1, 2010, this bill authorizes a refundable
income tax credit to individuals, partnerships, or corporations
for 100% of the salary and benefits paid to any employee while on
active military duty as a member of a reserve or national guard
unit. The cumulative amount of tax credits is limited to
$500,000 in any fiscal year, and the Department of Revenue will
determine a procedure to equally distribute the tax credits among
the qualifying taxpayers.
The provisions of the bill will expire December 31 six years from
the effective date.