Incentives
The State of Alabama offers a strong, competitive incentive program for companies looking to establish or expand operations within the state. Locally, our communities also provide additional incentives to support your decision to settle in the Lake Martin area. The Lake Martin Area Economic Development Alliance team will collaborate with you throughout the location process to secure a competitive edge for your business.
Alabama Jobs Act Jobs Credit
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Cash Rebate 3%List Item 1
Cash rebate of 3% annually of the previous year’s gross payroll (not including fringe benefits) for eligible employees who are Alabama residents for up to 10 years. Enhanced benefits include:
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0.5% Rebate on Wages of veteran hiring companiesList Item 2
Up to an additional 0.5% rebate on the wages of veterans for companies employing at least 12% veterans in their eligible workforce
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1% Rebate for Companies in Targeted AreaList Item 3
Up to an additional 1% rebate for companies locating in a Targeted or Jumpstart County (Tallapoosa and Coosa Counties are both Targeted Counties)
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2% Rebate for Tech CompaniesList Item 4
Up to an additional 2% rebate for Technology Companies
Investment Credit
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Alabama tax credit of up to 1.5% annually of the qualified capital investment in a qualifying project for up to 10 years. Companies locating in a Targeted or Jumpstart County may receive the Investment Credit for up to 15 years. The Investment Credit may be taken against Alabama state income tax, financial institution excise tax, insurance premium tax and/or utility tax liability.
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The credit can be carried forward for 5 years.
Tax Abatements
The Lake Martin Area Industrial Development Authority is authorized to abate the non-educational portion of property taxes for qualifying projects for up to 10 years, as well as the non-educational portion of sales and use taxes on construction materials for qualifying projects in Tallapoosa or Coosa Counties.
For more information on Alabama Tax Abatements, please visit:
https://www.revenue.alabama.gov/division/tax-incentives/
Sales and Tax Use (General)
To find specific sales and use tax rates, visit the Sales & Tax section of the Alabama Department of Revenue website.
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Abatements of state and non-educational local construction-related sales and use taxes
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Discount if sales tax is timely paid
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Exemption of raw materials, pollution control equipment, quality control testing, and donations to charitable entities
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Utility gross receipts tax exclusions
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Enterprise Zone Credit (Tallapoosa only)
Property Tax
To find specific sales and use tax rates, visit the Sales and Use Tax section of the Alabama Department of Revenue website.
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Abatements of noneducational property taxes
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Exemptions for pollution control equipment and raw material inventory
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No property taxes on inventory (some restrictions apply)
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Alexander City (Tallapoosa County) is classified as a Class 6 municipality. Special property tax incentives are available for businesses located in this city.
(256) 215-4404
dwalls@lakemartineda.com