HB 1351-S - DIGEST

(DIGEST OF PROPOSED 1ST SUBSTITUTE)

Provides that, in computing the tax imposed under chapter 82.04 RCW, an eligible person is allowed a credit against the tax due. The credit is equal to six hundred fifty dollars per year for each qualified employment position created after the effective date of this act and maintained for a period of three consecutive years.

Declares that credit may not be taken for hiring of persons into positions that exist on the effective date of this act. Credit is authorized for new employees hired for new positions created on or after the effective date of this act.

Provides that the department shall use the information from this act to study the tax credit program authorized under this act. The department shall report to the appropriate committees of the legislature on the effectiveness of this tax credit in job creation, net jobs created for Washington residents, and company growth by December 1, 2011.