HB324 Summary

• Renames the "Heroes for Hire Tax Credit Act of 2012" as the "Veterans Employment Act"

• Expands tax credit eligibility to include unemployed veterans regardless of discharge date, removing the previous two-year requirement for recently deployed veterans

• Establishes $1,000 tax credit available to small businesses for each full-time unemployed veteran hired, applicable to income tax liability or state portion of financial institution excise tax

• Defines "unemployed veteran" as an individual who was an Alabama resident at military entry or mobilized while in Alabama National Guard/reserves, received honorable or general discharge, and is collecting or eligible for unemployment benefits or has exhausted benefits

• Effective date: January 1, 2018