Loading chat...
AL SB197
Bill
Status
Introduced
2/8/2022
Primary Sponsor
Bobby Singleton
Click for details
AI Summary
- Establishes an Alabama income tax credit and financial institution excise tax credit for employers who hire individuals from targeted groups under the federal Work Opportunity Tax Credit Program (P.L. 116-206)
- Credit amount equals the federal tax credit taken by the taxpayer, capped at $1,000 per employee, and is available in the tax year when the employee completes 12 months of consecutive employment
- Credit applies against taxes imposed under Chapter 16 or Chapter 18 of Title 40 of the Alabama Code, is non-refundable and non-transferable, and available on a pro rata basis to owners or members of S-corp or K-corp entities
- Total credits cannot exceed $10,000,000 per fiscal year
- Tax credit is available beginning January 1, 2023, and subsequent tax years; becomes effective on the first day of the third month following passage and approval by the Governor
Legislative Description
Taxation, tax credits, Alabama employers provided a tax credit for employees eligible under the federal Work Opportunity Tax Credit Program
Taxation
Last Action
Read for the first time and referred to the Senate committee on Finance and Taxation Education
2/8/2022
Committee Referrals
Finance and Taxation Education2/8/2022
Full Bill Text
No bill text available