Home > 106th Congressional Bills > H.R. 5081 (ih) To amend part B of title IV of the Social Security Act to create a grant program to promote joint activities among Federal, State, and local public child welfare and alcohol and drug abuse prevention and treatment agencies. [Introduced in H...
H.R. 5081 (ih) To amend part B of title IV of the Social Security Act to create a grant program to promote joint activities among Federal, State, and local public child welfare and alcohol and drug abuse prevention and treatment agencies. [Introduced in H...
108th CONGRESS
2d Session
H. R. 5080
To amend the Internal Revenue Code of 1986 to allow employers a $1,000
credit against income tax for every 3 years that they employ a veteran.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
September 15, 2004
Mr. Saxton (for himself, Mr. Burr, Mr. Wilson of South Carolina, Mr.
Cardoza, Mr. Meehan, Mr. Walsh, Mr. Garrett of New Jersey, Mr.
Stenholm, Mr. Sherwood, Mr. LoBiondo, Ms. Ros-Lehtinen, Mr. Sandlin,
Mr. Sensenbrenner, Mr. Gibbons, and Mr. Towns) introduced the following
bill; which was referred to the Committee on Ways and Means
_______________________________________________________________________
A BILL
To amend the Internal Revenue Code of 1986 to allow employers a $1,000
credit against income tax for every 3 years that they employ a veteran.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Veterans' Employment Act of 2004''.
SEC. 2. $1,000 INCOME TAX CREDIT EVERY 3 YEARS FOR EMPLOYING A VETERAN.
(a) In General.--Subpart D of part IV of subchapter A of chapter 1
of the Internal Revenue Code of 1986 (relating to business related
credits) is amended by inserting after section 45F the following new
section:
``SEC. 45G. EMPLOYER CREDIT FOR EVERY 3 YEARS OF FULL-TIME EMPLOYMENT
OF VETERAN.
``(a) In General.--For purposes of section 38, the veteran
employment credit determined under this section for the taxable year is
$1,000 for each veteran (as defined in section 101 of title 38, United
States Code) whose has a 3-year employment period ending during the
taxable year.
``(b) 3-Year Employment Period.--For purposes of this section, a
veteran's 3-year employment period is each 3-year period throughout
which the veteran is a full-time employee of the taxpayer (or a
predecessor) in a trade or business. A day of employment shall be taken
into account under the preceding sentence with respect to any
employment period only if not taken into account with respect to any
prior period.
``(c) Special Rules.--
``(1) Inflation adjustment.--In the case of any taxable
year beginning in a calendar year after 2005, the dollar amount
contained in subsection (a) shall be increased by an amount
equal to--
``(A) such dollar amount, multiplied by
``(B) the cost-of-living adjustment determined
under section 1(f)(3) for the calendar year in which
the taxable year begins, determined by substituting
`calendar year 2004' for `calendar year 1992' in
subparagraph (B) thereof.
Any increase determined under the preceding sentence shall be
rounded to the nearest multiple of $50.
``(2) Other rules.--Rules similar to the rules of section
52 shall apply for purposes of this section.''
(b) Credit Made Part of General Business Credit.--
(1) In general.--Subsection (b) of section 38 of such Code
(relating to current year business credit) is amended by
striking ``plus'' at the end of paragraph (14), by striking the
period at the end of paragraph (15) and inserting ``, plus'',
and by adding at the end thereof the following new paragraph:
``(16) the veteran employment credit determined under
section 45G(a).''.
(2) Limitation on carryback.--Subsection (d) of section 39
of such Code is amended by adding at the end the following new
paragraph:
``(11) No carryback of veteran employment credit before
effective date.--No portion of the unused business credit for
any taxable year which is attributable to the credit determined
under section 45G may be carried back to any taxable year
beginning on or before the date of the enactment of this
paragraph.''.
(c) Clerical Amendment.--The table of sections for subpart D of
part IV of subchapter A of chapter 1 of such Code is amended by
inserting after the item relating to section 45F the following new
item:
``Sec. 45G. Employer credit for every 3
years of full-time employment
of veteran.''.
(d) Effective Date.--The amendments made by this section shall
apply to taxable years beginning after the date of the enactment of
this Act; except that such amendments shall take into account periods
of employment on or before such date.
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