2005 Idaho Code - 63-3029F — SPECIAL CREDIT AVAILABLE -- NEW EMPLOYEES

                                  TITLE  63
                             REVENUE AND TAXATION
                                  CHAPTER 30
                                  INCOME TAX
    63-3029F.  SPECIAL CREDIT AVAILABLE -- NEW EMPLOYEES. (1) Any taxpayer
shall be allowed a credit, in an amount determined under subsection (2) of
this section, against the tax imposed by this chapter, other than the tax
imposed by section 63-3082, Idaho Code, for any taxable year during which the
taxpayer's employment of new employees, as defined under section  63-3029E(1),
Idaho Code, increases above the taxpayer's average employment for either: (a)
the prior taxable year, or (b) the average of three (3) prior taxable years,
whichever is higher. No credit shall be allowed under this section unless the
number of new employees equals or exceeds one (1) person.
    (2)  (a) The credit authorized in subsection (1) of this section shall be:
         (i)   Five hundred dollars ($500) per new employee described in
         subsection (2)(d) of this section; or
         (ii)  One thousand dollars ($1,000) per new employee described in
         subsection (2)(c) of this section, but not both.
    (b)  The total credit allowed by this section shall not exceed three and
    one-quarter percent (3.25%) of net income from the taxpayer's corporate,
    proprietorship, partnership, small business corporation or limited
    liability company trade or business in which the employment occurred.
    Additionally, the total amount of this and all other credits allowed under
    this chapter except for the credits allowed under section 63-3029, Idaho
    Code, shall not exceed fifty percent (50%) of the tax liability of the
    taxpayer. The tax liability of the taxpayer shall be the tax after
    deducting the credit allowed by section 63-3029, Idaho Code.
    (c)  The one thousand dollar ($1,000) credit shall apply to an employee
    who, in the calendar year ending during the taxable year for which the
    credit is claimed, received annual earnings at an average rate of fifteen
    dollars and fifty cents ($15.50) or more per hour worked and who, during
    such calendar year, was eligible to receive employer provided coverage
    under an accident or health plan described in section 105 of the Internal
    Revenue Code.
    (d)  The five hundred dollar ($500) credit shall apply to an employee not
    described in subsection (2)(c) of this section and who is employed in a
    revenue-producing enterprise as defined in section 63-3029E, Idaho Code.
    (3)  If the sum of the credit carryovers from the credit allowed by
subsection (2) of this section and the amount of credit for the taxable year
from the credit allowed by subsection (2) of this section exceed the
limitation imposed by subsection (2) of this section for the current taxable
year, the excess attributable to the current taxable year's credit shall be a
credit carryover to the three (3) succeeding taxable years. The entire amount
of unused credit shall be carried forward to the earliest of the succeeding
years, wherein the oldest available unused credit shall be used first, so long
as the employment level for which the credit was granted is still maintained.