SB301 Alabama 2015 Session

Summary

Primary Sponsor

Gerald O. Dial

Republican

Session

Regular Session 2015

Title

Tax credits, add'l tax credits for employers who hire certain military veterans

Summary

SB301 would create a new $1,000 nonrefundable tax credit for Alabama employers to hire unemployed military veterans, applied against the state portion of the financial institution excise tax.

What This Bill Does

The bill defines who counts as an unemployed veteran and, starting in 2016, allows qualifying employers to claim a credit of $1,000 for each new full-time unemployed veteran they hire, provided most duties are performed in Alabama and the employer meets certain tax requirements. The credit is nonrefundable and reduces the employer's state tax liability related to the financial institution excise tax. The act becomes effective on the first day of the third month after it is enacted and approved.

Who It Affects

• Unemployed veterans who meet the defined criteria and are hired by qualifying employers in Alabama (they become the beneficiaries of the hiring credit).
• Qualified employers subject to the Alabama financial institution excise tax who hire new full-time unemployed veterans (they would be able to claim the $1,000 credit for each hire).

Key Provisions

• Defines 'unemployed veteran' with criteria including Alabama residency, military discharge status, and unemployment benefit status at the time of hire.
• Implements an additional nonrefundable credit of $1,000 against the state portion of the financial institution excise tax for each new full-time unemployed veteran hired, starting in tax years beginning January 1, 2016, when most duties are located in Alabama and the employer meets the specified code sections.
• Credit is nonrefundable and applies to the income tax liability imposed on the state portion of the financial institution excise tax, subject to Sections 40-18-290 through 40-18-293.
• Effective date: the first day of the third month after passage and approval by the Governor (or becoming law otherwise).

AI-generated summary using openai/gpt-5-nano on Feb 24, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Taxation