A income tax credit is allowed to employers who paid qualified wages to qualifying recipients of Family Independence Payments.
Except for jobs created in distressed counties, the maximum aggregate credit that may be claimed in a single year under this credit and the jobs tax credit (SC SCH. TC 4) is $5,500 for each employee.
The credit exists only for the first three consecutive years of employment of qualified employees.
This credit is limited to:
- twenty (20%) percent of wages for each full month of the first twelve months of employment;
- fifteen (15%) percent of wages for each full month of the second twelve months of employment; and
- ten (10%) percent of wages for each full month of the third twelve months of employment.
Back
