AL SB301

Establishes a $1,000 nonrefundable income tax credit for qualified employers for each new full-time unemployed veteran hired beginning January 1, 2016.

Defines "unemployed veteran" as an individual who was an Alabama resident at military entry or mobilized while in the Alabama National Guard, received an honorable or general discharge, and is certified by the Alabama Department of Labor as collecting, eligible for, or having exhausted unemployment benefits.

Limits the credit to employers whose majority business operations are located within Alabama and who are subject to existing job creation tax credit requirements under Code of Alabama sections 40-18-290 through 40-18-293.

Makes the credit nonrefundable and applies it against income tax liability imposed on the state portion of financial institution excise tax.

Becomes effective on the first day of the third month following passage and approval by the Governor.