News & Updates
April 22, 2016
Bill Passes Providing Tax Relief for Small Business Hiring
On Wednesday , the House voted unanimously to concur with the Senate-amended version of the Alabama Small Business and Agribusiness Jobs Act. The bill went to the Governor for his consideration.
HB 36 by Rep. Kyle South, R-Fayette, authorizes a tax credit of $1,500 per employee for a small business that hires a new, full-time resident of Alabama in a job that pays at least $40,000 a year.
The bill defines a small business as having 75 or fewer employees, is qualified to do business in Alabama, and is headquartered in or has its principal place of business in the state. The bill also authorizes an additional $1,000 tax credit for hiring a recently deployed and unemployed veteran of the U.S. Armed Services.
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The Senate voting 29-0 approved the bill that contains a sunset provision requiring the tax credit to expire on Jan. 1, 2019, unless the Legislature decides to extend the credit.