Tax Credit to Hire Veterans Act of 2011

Tax Credit to Hire Veterans Act of 2011 - Amends the Internal Revenue Code to allow through 2014 an increase in the amount of depreciable business assets that an eligible small business can expense (i.e., deduct in the same taxable year) if such business employs certain unemployed veterans. Defines "eligible small business" to mean a business entity whose gross receipts in the preceding taxable year did not exceed $5 million or that did not employ more than 500 full time employees.

[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2443 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 2443

 To amend the Internal Revenue Code of 1986 to increase the limitation 
  on expensing certain depreciable assets for certain businesses that 
                             hire veterans.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              July 7, 2011

Mr. Miller of Florida 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 increase the limitation 
  on expensing certain depreciable assets for certain businesses that 
                             hire veterans.

    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 ``Tax Credit to Hire Veterans Act of 
2011''.

SEC. 2. INCREASED EXPENSING FOR CERTAIN BUSINESSES HIRING VETERANS.

    (a) In General.--Section 179 of the Internal Revenue Code of 1986 
is amended by adding at the end the following new subsection:
    ``(g) Special Rules for Small Employers Hiring Veterans.--
            ``(1) In general.--In the case of an eligible small 
        employer, the limitation under subsection (b)(1) for the 
        taxable year (after the application of subsection (b)(2)) shall 
        be increased by an amount equal to--
                    ``(A) $25,000, multiplied by,
                    ``(B) the number of veteran new-hires of such 
                employer.
            ``(2) Limitation.--The number of veteran new-hires which 
        may be taken into account by an employer for any taxable year 
        under paragraph (1) shall not exceed 25.
            ``(3) Definitions and special rule.--For purposes of this 
        subsection--
                    ``(A) Eligible small employer.--For purposes of 
                this subsection, the term `eligible small employer' 
                means any person who carries on a trade or business--
                            ``(i) the gross receipts of which for the 
                        preceding taxable year did not exceed 
                        $5,000,000, or
                            ``(ii) in the case of a trade or business 
                        to which subparagraph (A) does not apply, which 
                        employed not more than 500 full-time employees 
                        during the preceding taxable year.
                    ``(B) Veteran new-hire.--The term `veteran new-
                hire' means, with respect to any employer for the 
                taxable year, an individual--
                            ``(i) who is a veteran (as defined in 
                        section 101 of title 38, United States Code),
                            ``(ii) who was a full-time employee of the 
                        employer during the 1-year period beginning 
                        with the date the employment with the employer 
                        began,
                            ``(iii) with respect to whom such 1-year 
                        period ends during the taxable year,
                            ``(iv) who certifies by signed affidavit, 
                        under penalties of perjury, that such 
                        individual was unemployed on day before the 
                        date the employment with the employer began,
                            ``(v) who is not employed by the employer 
                        to replace another employee of such employer 
                        unless such other employee separated from 
                        employment voluntarily or for cause,
                            ``(vi) who is not an individual described 
                        in section 51(i)(1) (applied by substituting 
                        `employer' for `taxpayer' each place it 
                        appears),
                            ``(vii) who has not been a veteran new-hire 
                        with respect to such employer for any preceding 
                        taxable year, and
                            ``(viii) who has not been employed by the 
                        employer at any time during the 180-day period 
                        ending on the date the employment with the 
                        employer began.
                    ``(C) Full-time.--An employee shall be treated as 
                full time if such employee is employed on average at 
                least 38 hours of service per week.
                    ``(D) Controlled groups.--All persons which are 
                treated as a single employer under subsections (a) and 
                (b) of section 52 shall be treated as a single 
                taxpayer.
            ``(4) Termination.--This subsection shall not apply to 
        taxable years beginning after December 31, 2014.''.
    (b) Effective Date.--The amendment made by this section shall apply 
with respect to individuals who begin work for the employer after the 
date of the enactment of this Act.
                                 <all>