1.This Act may be cited as the
Hiring Heroes Tax Incentive Act of
2009
.
2.Credit for
employers who employ members of the Ready Reserve and National Guard and
veterans recently separated from the Armed Forces
(a)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 45Q the following new section:
45R.Credit for
employers who employ members of the Ready Reserve and National Guard and
veterans recently separated from the Armed Forces
(a)For purposes of
section 38, the amount of the military employment credit determined under this
section with respect to any employer for any taxable year is 15 percent of the
qualified wages paid or incurred during the calendar year which ends with or
within such taxable year.
(b)
(1)For purposes of this
section, the term qualified wages means any wages paid or incurred
by an employer for services performed by a qualified employee.
(2)Only first
$10,000 of wages per year taken into accountWith respect to each
employee, the amount of qualified wages which may be taken into account for a
calendar year shall not exceed $10,000.
(3)Coordination
with other creditsThe
$10,000 amount in paragraph (2) shall be reduced for any calendar year by the
amount of wages paid or incurred during such year which are taken into account
in determining the credit under section 45A(a), 45P(a), 51(a), 1396(a),
1400P(b), or 1400R.
(c)For purposes of this section—
(1)The term qualified employee means, with
respect to any period, any employee of an employer if during such
period—
(A)substantially all
of the services performed by such employee for such employer are performed in a
trade or business of the employer, and
(B)such employee
is—
(i)a
Ready Reserve-National Guard employee, or
(ii)a
recently-separated veteran.
(2)Certain
individuals not eligibleThe term qualified employee
shall not include any individual described in a subparagraph of section
1396(d)(2) (relating to certain individuals not eligible to be qualified zone
employees).
(3)Ready
reserve-national guard employeeThe term Ready
Reserve-National Guard employee means an employee who is a member of the
Ready Reserve (as defined in section 10142 of title 10, United States Code) or
the National Guard (as defined in section 101(c)(1) of such title 10).
(4)Recently-separated
veteranThe term
recently-separated veteran means an individual who served on
active duty (other than active duty for training) in the Armed Forces of the
United States and was discharged or released therefrom under honorable
conditions within the 5-year period ending on the date of the performance of
services.
(d)Other
definitions and special rules
(1)For
purposes of this section, the term wages has the meaning given to
such term by section 1397(a).
(2)Rules similar to the rules of subsections (b) and (c)
of section 1397 shall apply for purposes of this section.
(e)The
term wages shall not include any amount paid or incurred to an
individual who begins work for the employer after December 31,
2012.
.
(b)Subsection (a) of section 280C of such Code (relating to
denial of deduction for certain expenses for which credits are allowable) is
amended by inserting 45R,
after 45P(a),
.
(c)Credit To be
part of general business creditSubsection (b) of section 38 of
such Code is amended by striking plus
at the end of paragraph
(34), by striking the period at the end of paragraph (35) and inserting
, plus
, and by inserting after paragraph (35) the following new
paragraph:
(36)the military employment credit determined
under section
45R(a).
.
(d)The table of
sections for subpart D of part IV of subchapter A of chapter 1 of such Code is
amended by adding at the end the following new item:
Sec. 45R. Credit for employers who employ members of the Ready
Reserve and National Guard and veterans recently separated from the Armed
Forces.
.
(e)The amendments made by this section shall apply to taxable
years beginning after the date of the enactment of this Act.