Utah Tax Credit for Employing Veterans

Effective for tax years beginning on or after 01/01/2012, HB 312 allows a nonrefundable tax credit for employing a “recently deployed veteran,” on after January 1, 2012, who is collecting (or is eligible to collect) unemployment benefit or within the last two years, has exhausted the unemployment benefits and works for the employer-claimant at least 35 hours per week for not less than 45 of the 52 weeks following the recently deployed veteran's start date for the employment. The credit amount is: (1) for the first taxable year, equal to $200 per month of employment not to exceed $2,400 for the taxable year for each recently deployed veteran; and (2) for the second taxable year, equal to $400 per month of employment not to exceed $4,800 for the taxable year for each recently deployed veteran. Any unused tax credit may be carried forward a tax credit for a period that does not exceed the next five taxable years. “Recently deployed veteran,” means an individual who was mobilized to active federal military service (either in an active or reserve component of the U. S. Armed Forces) and received an honorable or general discharge within the 2-year period before the date the employment begins.