|
Another Good
Reason To Do Business In Alabama
(Alabama
Small Business Hiring Tax Credit) |
|
 In
June 2011 the Alabama legislature passed the Full
Employment Act of 2011. This act allowed for
employees with 50 or fewer employees to receive a one-time
income tax credit equal to $1,000 per new job created in
Alabama that pays more than $10 per hour.
|
|
For purposes of this act, a
small business is defined as a business that employs 50 or
fewer employees on the effective date of this act (anytime
after 1 January 2011). |
|
The credit
shall be available in the tax year during which the employee
has completed 12 months of consecutive employment. |
|
The employer must have a net
increase in the total number of full time employees in
Alabama on the last date of each tax year during which
employees are hired for which he or she the employer claims
a credit, over the number employed in Alabama as of the last
day of the tax year immediately preceding the first credit
employment year. |
|
Source:
House Bill 230 -
http://www.openbama.org/bills/1058/HB230-enr.pdf
By
Tim Miller |