Offset Utility Taxes
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.
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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...
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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.
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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...
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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.
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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.
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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.
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