Good for Business
The recently finished regular session of the Alabama State Legislature may be remembered for the battle over bingo, dealing with Education budget shortfalls, and FBI investigations. But amidst the circus atmosphere, many issues that affect business were dealt with, primarily with positive outcomes.
According the Alabama Retail Association, several new laws are on the books that will help small businesses grow, create jobs, and assist law enforcement in fighting crime.
Starting in January 2011, Alabama pharmacies will electronically track the sales of over-the-counter products that contain ephedrine and pseudoephedrine, key ingredients in the production of the illegal drug, methamphetamine. The cost of equipment and training for the retailers will be covered by the pharmaceutical manufacturers. Alabama will be able to share data with other states to help thwart illegal purchases of legal medicines.
As mentioned in previous posts, retailers and other businesses can now deduct up to 50 percent of the gross wages paid to any employee earning $10 or more an hour who is hired off the unemployment rolls and then employed full time (37.5 hours weekly) for a full year. The one-time deduction can only be claimed after a worker has been on the payroll for a year.
The legislature overrode the Governor’s veto to allow retailers to sell fortified wines. As of July 1st, retailers will be able to sell desert spirits like port, sherry, and vermouth, previously available only at state ABC stores. The same act will allow beer retailers to sell gourmet beers that contain higher levels of alcohol. Previously, only retailers with on-premis and off-premis licenses could sell the products, but now any beer retailer can sell product with an alcohol content up to 13.9 per cent.
A recent Act aligns the minimum thresholds at which individuals and businesses must send in quarterly estimated income tax payments with federal standards. Under Beginning with tax year 2009, the rules for federal and state quarterly tax estimations is the same with a few limited exceptions.
Just as important are the proposed anti-business bills that did not pass. I will cover these in another post.
