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.