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• Population (2008): 4,661,900
• Largest Cities (2008): Birmingham, 228,798; Montgomery, 202,696; Mobile, 191,022; Huntsville,176,645;
Tuscaloosa, 90,221
• Targeted Industries: Aerospace/Aviation, Automotive Suppliers, Life Sciences, Alternative Energy, Information
Technologies
• Key Incentives: Capital Investment Tax Credit, Tax Abatements, AIDT
• GDP (All Industry 2008): $170 billion*
*Bureau of Economic Analysis, U.S. Department of Commerce
Alabama's Capital Investment Tax Credit allows an income tax credit of up to 5% of initial capital costs of qualifying projects to new and expanding companies. The credit is available annually for 20 years. The current rate of taxation in Alabama for corporations is 6.5%. Alabama allows the deduction of federal income taxes apportioned and paid to Alabama from the gross apportioned and allocated income, creating a lower net effective income tax rate.
The Site Preparation Grant Program is available for activities that provide rehabilitation of buildings and other structures (such as accessing, excavating, surveying, clearing and grubbing, and draining the site), and/or other necessary and appropriate site preparation. The size of the grant depends upon the amount of capital investment.
Industrial Revenue Bonds (IRB) may be used as long-term financing of up to 100% of a project for acquisition of land or buildings; site preparation and improvements; construction of buildings; acquisition and installation of furnishings, fixtures, and equipment; and capitalizable soft costs (e.g., architectural and engineering, interest incurred during construction, cost associated with bond issuance). Typically, tax-exempt IRBs have interest rates ranging from 70% to 85% of prime and are limited to $10 million per single issuance and $40 million total maximum per company.
The Employer Education Credit is a tax credit that is available to employers who provide basic skills education programs to Alabama resident employees. The credit is 20% of the actual costs limited to the employer's income tax liability. The program must receive written approval from the Alabama Department of Education.
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