HB152 Summary: "Heroes for Hire" Tax Credit Act of 2012

• Provides $1,000 additional tax credit to employers for hiring recently deployed and discharged unemployed veterans who received honorable or general discharge within two years and meet Full Employment Act requirements.

• Grants $2,000 nonrefundable income tax credit to recently deployed unemployed veterans who start their own businesses and hold at least 50-percent ownership, provided the business is located in Alabama and shows net profit of at least $3,000 for the tax year.

• Defines eligible veteran as an individual who was an Alabama resident at military service entry or was mobilized while in Alabama National Guard/reserve unit, and is currently collecting or has exhausted unemployment benefits.

• Prevents double-dipping by prohibiting employers from claiming the $1,000 hiring credit if the veteran claims the $2,000 self-employment credit, and vice versa.

• Requires Department of Industrial Relations to coordinate with Department of Revenue, Department of Economic and Community Affairs, and Department of Veterans' Affairs to establish procedures, promote awareness, and submit a performance report by January 15, 2014.