Tax

Ala. gov signs tax credits for hiring vets bill

AP News
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Posted: Apr 04, 2012 3:33 PM
Ala. gov signs tax credits for hiring vets bill

Alabama's governor has signed into law a bill offering new tax credits to companies that hire unemployed veterans.

Gov. Robert Bentley signed the bill Wednesday morning providing a tax credit of $1,000 for a business that hires an unemployed veteran who was deployed overseas and is now within two years of discharge.

The law also offers a credit of up to $2,000 to help and unemployed veteran cover the costs of starting a small business.

Legislative fiscal experts predict the law could reduce the state's income tax collections by more than $1 million annually.

Republican Rep. DuWayne Bridges, who sponsored the bill in the state House of Representatives, said in a release that thousands of Alabama veterans are returning to a difficult economy from wars that are winding down.