CCEDC: Recruiting New Business with Professional Hospitality
The Covington County Economic Development Commission prides itself on the support we provide to attract, retain, and expand growing industries and businesses. We do business at your pace!
In a state and county with low sales and income tax rates, affordable utilities, and a highly affordable cost of living, we make it easy for businesses of all kinds to keep more of their hard-earned money. CCEDC, with the support of the State of Alabama, recruits new businesses with professional hospitality using federal, state, and customized local incentives.
Contact us today to see how we can catalyze your business success. CCEDC can provide a complete analysis of the savings generated by eligible incentives.
Covington County Financial Fast Facts:
- Property taxes are among the lowest in Alabama and the country
- Two Opportunity Zones (industrial parks are within OZs)
- New Markets Tax Credits
- Enterprise Zone
- Available land and improvements could become a project incentive
- Available bond financing through our local industrial development boards for qualifying projects
- Other local incentives are available (sales tax rebates, etc.)
Alabama Recruitment and Retention Taxes and Incentives
Learn more about tax incentives at the Alabama Department of Commerce and the Alabama Department of Revenue:
Manufacturers help drive Alabama’s economy, with $18.82 billion in manufactured goods exports in 2019. Additionally, Alabama manufacturers account for 16.83 percent of the total output in the state, coming in at $38.40 billion in 2019. The sector employs 13 percent of the workforce.
In Alabama, over 38,000 farms on 8.3 million acres yield a bounty of agriculture products. Alabama ranks second among the states in freshwater fish production, third in poultry production, third in peanut production, and in the top 10 for cotton production. Agricultural cash receipts totaled...
The existing program allows a 3 percent refund or credit of prior year wages paid to eligible employees with an additional 0.5 percent credit if 12 percent or more of the project workforce are veterans who received either an honorable or a general discharge. In...
Thanks to an abundant skilled workforce, best-in-class cooperative training and an extremely business-friendly economic climate, Alabama has grown to become a leading center globally for automotive production. Assembly plants operated by Mercedes, Honda, and Hyundai have propelled Alabama to a Top 5 ranking in the...
Alabama’s presence in the aerospace and aviation industry is broad and vast, with activities in virtually every segment of the sector. Aerospace manufacturing accounts for around 13,200 jobs in the state. Alabama ranks 5th in the U.S. for employment of aerospace engineers, with a count...
Based on a company's net worth in Alabama and the company's ability to pay, rate ranges from $0.25 to $1.75 for each $1,000 of net worth in Alabama. Available incentives include pollution-control equipment deduction and air carrier with hub operations deduction.
Open to qualifying businesses that are headquartered in Alabama or are moving their headquarters to the state
Administered by the Alabama Department of Commerce and provides alternative funding to conventional bank financing
More information about this program can be found on the Alabama Department...
Corporate income tax rate is 6.5 percent. Based on the net taxable income of business done in Alabama, businesses are permitted to deduct all of their federal taxes apportioned to Alabama. Potential incentives include net-operating loss carryforward, pollution-control equipment deduction, and basic skills educational tax...
Alabama is equipped to quickly ship your products anywhere in the world at a competitive cost. We are centrally located in the heart of the U.S.'s fastest growing economy, only a day’s drive from half of the U.S. population. Plus, no inventory tax!
As an Enterprise Zone, Covington County has additional incentives that may be available to new and expanding companies through that program. This incentive includes up to a $2,500 tax credit for each new permanent employee, as well as exemptions from income, sales and use, and...
Alabama’s forestry products industry is expanding. Alabama has the second largest timberland base in the U.S., and companies like Georgia Pacific and Weyerhaeuser continue to make investments in the state. There’s nearly 23 million acres of timberland, and Alabama’s forests are so fertile that the...
Covington County is designated a HUBZone. The Small Business Administration's HUBZone program has contracting assistance available, including:
Competitive and sole-source contracting
10% price evaluation preference in full and open-contract competitions
Administered by local economic development organizations
Available for qualifying new and expanding companies
Can be used for land, building, and equipment purchases
Have lower interest rates and offer tax benefits
The investment incentive is a credit of up to 1.5 percent of the qualified capital investment expenses for a qualifying project for up to 10 years. This credit can be taken against the Alabama income tax liability and/or utility tax liability.
Metals manufacturing takes place across the entire state of Alabama. Abundant mineral wealth in iron ore, coal, and limestone has made the state ripe for economic development and set the stage for growth in the metals manufacturing sector. More than 1,100 primary metal manufacturing companies...
Covington County is a qualifying Census tract for the New Markets Tax Credit (NMTC). NMTC can subsidize approximately 20 percent of a project’s capital needs, usually in the form of low-interest, forgivable debt.
The program is primarily used to fund commercial and industrial developments, community facilities,...
The Alabama Jobs Act credit can be used to offset a company’s utility taxes due or can be a refund of a company’s utility taxes regardless of the amount paid.
Both of Covington County’s industrial parks are within Opportunity Zones. Opportunity Zones were created in 2017 when the new Tax Cuts and Job Act was implemented. They are designed to spur economic development in less-developed and under-invested communities by providing tax benefits to investors. Now...
The non-educational portion of property taxes can also be abated for up to 20 years. Additionally, there are pollution-control equipment exemptions, raw materials inventory exemptions, and no property taxes on inventory.
If you can work from anywhere, why not work from beautiful southeast Alabama? In 2018, five million U.S. employees, or 3.6 percent of the total workforce, worked remotely. In 2020, COVID-19 caused a seismic shift towards remote work. During the first few months of the...
The abatement of all state and the local non-educational portion of construction-related transaction (sales and use) taxes associated with constructing and equipping a qualifying project.
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
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.