Thinking about relocating your business to Alabama?
You will be glad to know that Alabama has one of the most competitive business climates in the nation. The state’s tax structure includes incentives tailored to bringing in and retaining business. The program has been extremely successful in encouraging the relocation of major automobile manufacturers such as Hyundai, Honda, and Mercedes-Benz. Along with these auto giants, ancillary businesses followed, also reaping the benefits of Alabama’s tax structure. Other global giants such as ThyssenKrupp, Lockheed Martin, Austal USA, Kimberly Clark, and ST Aerospace have operations in Alabama.
The tax burden in Alabama is one of the lowest in the United States. In fact, Alabama is one of only a small number of states that allow a full deduction of Federal taxes paid from state income liability. Alabama’s major tax incentives and grants include:
Capital Investment Tax Credit – Income tax credit of up to 5% annually for 20 years of initial capital costs of qualifying projects to new and expanding companies
Property Tax Abatements – Abatement of up to 10 years from property taxes levied for non-educational purposes
Sales and Use Tax Abatements – Taxes on construction-related transactions, pollution control devices are exempt from sales and use taxes. Mortgage and recording taxes can be abated.
Industrial Development Grant Program – Grants to counties, municipalities, local industrial development boards or authorities or economic development councils or authorities, airport authorities, port authorities or public corporations of certain state agencies or departments to pay for site preparation.
By offering these competitive tax breaks and incentives, Alabama promotes higher long-term economic growth, improves competitiveness, and encourages higher wages and living standards for all of its residents.
If you are thinking about relocating your business…think Alabama!
If you are thinking about relocating to Montgomery, give us a call. We’ve worked with hundreds of businesses who now call Montgomery, Alabama home……
Industrial Partners can help you find the right space to accommodate your business! Call us today for a complimentary consultation!