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RECRUIT Act of 2024
house
senate
president
Introduced on November 15, 2024 by
Stacey E. Plaskett
Legislation Details
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Last updated 12/17/2024
Amends the Internal Revenue Code of 1986 to establish a tax credit for employers of reservists.
Introduces a reservist employment credit equal to 40% of wages paid to qualified reservists.
Sets a maximum credit amount based on the duration of service in the uniformed services:
$1,000 base amount.
Additional amounts for service duration:
$3,000 for 30-89 days of service.
$5,000 for 90-179 days of service.
$10,000 for 180 or more days of service.
Defines “qualified reservist” as a member of the National Guard or reserve component in active status.
Specifies that days of inactive-duty training or short active duty (30 days or less) do not count towards service days for the credit.
Defines “eligible employer” as one with fewer than 500 employees and meeting certain gross receipts criteria.
Allows taxpayers to elect not to apply the credit for any taxable year.
Integrates the new credit into the general business credit and allows it against the Alternative Minimum Tax (AMT).
Includes provisions for payments to U.S. possessions affected by the credit amendments.
Effective for wages paid in taxable years beginning after December 31, 2023.