113 HR 5284 IH: To amend the Internal Revenue Code of 1986 to make permanent the work opportunity tax credit and to allow the transfer of such credit in the case of contracted veterans. U.S. House of Representatives 2014-07-30 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
I 113th CONGRESS 2d Session H. R. 5284 IN THE HOUSE OF REPRESENTATIVES July 30, 2014 Mr. Jolly 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 make permanent the work opportunity tax credit and to allow the transfer of such credit in the case of contracted veterans.
1.
Work opportunity tax credit made permanent
(a)
In general
Subsection (c) of section 51 of the Internal Revenue Code of 1986 is amended by striking paragraph (4). (b)
Effective date
The amendment made by this section shall apply to individuals who begin work for the employer after December 31, 2013.
2.
Transfer of credit in case of contracted veterans
(a)
In general
Section 51 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subsection: (l)
Special rule for contracted veteran employees
(1)
In general
In the case of an employee who— (A)is a qualified veteran, and (B)receives remuneration by an employer for qualified computer services performed by the individual for another person,if the employer so elects, the amount of credit determined under this section (or any portion thereof specified in the election) with respect to such employee for the taxable year which would (but for this subsection) be allowable to the employer shall be allowable to such other person, and such other person shall be treated as the taxpayer for purposes of this title with respect to such credit (or such portion thereof).(2)
Qualified computer services
For purposes of this subsection, the term qualified computer services means services of a type that would be classified as a computer occupation in the Bureau of Labor Statistics Standard Occupational Classification System. (3)
Year credit allowed
In the case of an election under paragraph (1), the credit shall be allowable for the first taxable year of such other person ending with or after the employer’s taxable year for which the credit was determined.. (b)
Effective date
The amendment made by this section shall apply to individuals who begin work for the employer after December 31, 2013.