Proposed Alabama Law Could Spur Job Creation, Retention
"The Jobs Creation and Retention Act is another incentives option we can use to give greater flexibility to bring companies and keep companies in the state," Bentley said at a press conference today. "My mission is to bring jobs to this state, and this bill gives us one more option in our economic development toolbox to get Alabamians back to work."
According to current state law, Alabama businesses withhold 5 percent of their employees' salaries for state income tax. The new act would permit businesses to keep up to 90 percent of new employee withholdings, and existing businesses to retain 75 percent of employee income tax withholdings until capital investment costs are recouped.
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