Feb 19, 2016

Alabama House Approves state income tax credit for small businesses

New legislation was approved on Tuesday by the Alabama House of Representatives that would provide a state income tax credit to small businesses.  The $1,500 tax credit is applicable for each qualified, new, full-time employee, who earns $40,000/year or more, hired by businesses with 75 employees or less.  Additionally, if the new employee is an unemployed veteran recently returned from deployment, the business can claim an additional $1,000.  There are stipulations for receiving the credit, however.  To read the full announcement, go to Birmingham Business Journal.  Please stay tuned for more information as it becomes available.