SB163 Summary

• Provide an additional $1,000 income tax credit to employers who hire recently deployed and discharged unemployed veterans for full-time positions with majority of duties in Alabama, for tax years beginning January 1, 2012 and later.

• Establish a $2,000 nonrefundable income tax credit for recently deployed unemployed veterans who start their own business in Alabama and hold at least 50-percent ownership, requiring the business to show net profit of at least $3,000 in the year the credit is taken.

• Define "recently deployed unemployed veteran" as an individual who was an Alabama resident or National Guard member at time of military service, received honorable or general discharge within two years of hire, and is collecting or eligible to collect unemployment benefits or has exhausted benefits at time of hire.

• Authorize the Departments of Industrial Relations, Revenue, Economic and Community Affairs, and Veterans' Affairs to promote awareness of the credits, establish procedures for prequalifying veterans, certify employer compliance, and submit a written performance report by January 15, 2014.

• Prevent double-claiming of credits by employers and veterans, ensuring an employer claiming the hiring credit cannot also claim the business startup credit for the same veteran.