Community Calendar
Diamond Sponsors
Additional Regions: |
2010 Population: |
4.78 million |
|
2016 Estimates |
5.11 million |
|
October 2008 Labor Force |
2,182,465 |
2007 State Gross Domestic Product |
$165, 796 million |
|
2010 Household Income Estimate |
$58,998 |
Primary Industries
Apparel, food, textiles, lumber and wood, and industrial machinery
Target Industries
Automobiles, aviation, electronics, plastics, wood and wood products
Sources: Bureau of Labor Statistics,
Bureau of Economic Analysis
Capital Investment Tax Credit-Qualified new and expanding businesses in eligible industries may receive a corporate income tax credit of up to 5 percent of capital costs per year for up to 20 years. Small businesses may qualify if they create 15 jobs and invest $1 million. Other new projects or expansions qualify if they create 20 jobs and invest $2 million. All companies must pay wages of at least $8 an hour or have an average total compensation of $10 per hour.
Enterprise Zones-Companies that locate in designated enterprise zones may receive sales and use tax exemptions on materials used to construct or improve a building and on equipment and machinery. Certain income and franchise tax exemptions also may be taken over a five-year period.
Business and Industry Guaranteed Loans-Intended to increase employment and improve the economic climate of towns with fewer than 50,000 inhabitants, these loans are available to businesses that locate in rural areas.
State Economic Development Loan Program-Qualified companies may use these funds to purchase land, buildings and equipment. Loans may be used for 40 percent of project costs up to $400,000. The project must be in a community that does not receive federal Community Development Block Grants. Additionally, at least one job must be created for every $10,000 of funds issued, and at least 51 percent of these employees must come from low- to moderate-income households.
Source: Alabama Development Office, USDA
