The Favored Geographical Area program provides capital credit incentives at lower investment rates ($500,000) and new employee (5) thresholds to companies located in Enterprise Zones and/or Less Developed Counties. For more information, see the Favored Geographic Area PDF from the Economic Development Partnership of Alabama (EDPA).
Additional incentives may be available to new and expanding companies through the Enterprise Zone program. This incentive includes up to $2,500 tax credit for each new permanent employee, as well as exemptions from income, sales & use, and business privilege tax liability.
Based on a company's net worth in Alabama and the company's ability to pay
Rate ranges from $.25 to $1.75 for each $1,000 of net worth in Alabama
Available incentives include:
Pollution control equipment deduction
Air carrier with hub operations deduction
Employer requirement for the state unemployment tax is based on the first $8,000 of each employee's compensation
The USDA provides business assistance programs, including grants and loans for those companies looking to develop in rural areas. More information about these programs, including grant and loan information, can be found on the USDA Rural Development – Alabama website.
SITE & INFRASTRUCTURE ASSISTANCE
Local municipalities are willing and able to apply for site preparation and infrastructure grants to assist new and expanding companies in Alabama.
Industrial Development Grant Program (Site Preparation)
Used for land and labor surveys, site preparation, and road construction projects
Based on amount of capital investment
Alabama Infrastructure Grant Program
Used to improve infrastructure on a site
Alabama Industrial Access Road and Bridge Program
Used to create industrial access to a site
Includes construction of roads and bridges
Grants from Alabama Department of Economic and Affairs
Eufaula Barbour County Chamber of Commerce 333 East Broad Street Eufaula | ALabama | 36027 334.687.6664