Applications are open for the Innovate Alabama Tax Credit program, which will provide tax credits to economic development programs.
The new program comes out of the Innovation and Small Business Act, signed recently by Gov. Kay Ivey.
Building on the Department of Commerce’s Growing Alabama program, which provides assistance to tech accelerators and underrepresented companies, the new program provides tax credits to economic development organizations that may be used to offset up to 50% of a donor’s income taxes, financial institution excise taxes, insurance premium taxes or utility taxes.
“I’m excited to see this critical piece of the Growing Alabama tax credit program transition into the Innovate Alabama Tax Credit program to provide gap funding for these crucial partners,” said Cynthia Crutchfield, Innovate Alabama CEO. “Through this program, we can continue to serve the innovative small businesses of Alabama and show that our state is open for business to other such companies looking to relocate. We are dedicated to working with governmental leaders to create a ripe ecosystem for tech accelerators and businesses to thrive.”
Organizations can apply here, with the first deadline for applicants June 16.
Innovate Alabama is a public-private partnership focused on entrepreneurship, technology and innovation with a mission to help innovators grow roots in Alabama.
