Electroencephalographic event-related potentials (ERPs) were used to investigate maladaptive attentional processes in depression. Specifically, we measured the ERP P300 component—a waveform that reflects the real-time allocation of attention to stimuli of high informational salience—as it was elicited by neutral and negatively valent words among currently depressed, previously depressed, and never-depressed participants. The study design allowed us to clarify the degree to which the oft-reported attenuation of P300 response in depression should be regarded as evidence of: (a) a general, pervasive impairment in depressive attentional function; or (b) the operation of depressotypic attentional biases, which may give rise to attentional deficits only regarding stimuli of non-negative emotional valence. Consistent with the latter possibility, depressed individuals were observed in this study to experience, on average, a robust P300 response to negatively valent target words—a response of larger magnitude than that observed among previously depressed and never-depressed controls. This enhanced P300 response to negative stimuli in depression appears to be a statelike, rather than traitlike, phenomenon.