Jobs Credit
A Jobs Credit of up to 3% of the previous year's annual wages for eligible employees is available to qualifying projects for 10 years. This jobs credit can be applied against utility taxes. Any unused credit can be carried forward for up to 5 years.
Investment Credit
An Investment Credit of up to 1.5% of a companies capital investment incurred is available to qualifying projects for 10 years. This investment credit can be used to offset income tax, financial institution excise tax, insurance premium tax, utility tax, or some combination of the taxes listed above. Unused portions of this credit may be carried forward for up to 5 years. All or part of the first 3 years of this credit can be transferred by the incentivized company to another company provided the credit is sold at a value of at least 85% of its present value.
Guidelines for the Alabama Jobs Act incentives, as well as applicable forms and contacts can be obtained from the Alabama Department of Revenue website.