angela till deputy secretary alabama department of commerce
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Angela TillDeputy Secretary
Alabama Department of Commerce
Alabama Department of Commerce
• Greg Canfield, Secretary of Commerce
• An extension of the Governor’s office
• Responsible for leading and maintaining Economic Development across the state as liaisons for new, potential, and expanding businesses
• Includes:Business Development International TradeSmall Business AdvocacyAIDTFilm Office
Alabama’s Team Approach
Alabama Department of Commerce
Local Economic Development Organizations Economic Development Partnership of Alabama (EDPA)
Alabama Industrial Development Training (AIDT)
Universities, Community Colleges & Pre-K - 12
Alabama Marketing Allies
Department of Revenue
Department of Environmental Management (ADEM)
Department of Economic and Community Affairs (ADECA)
Chambers of Commerce
Alabama Then…..
Alabama Today…
2014
392 Projects Announced
$3.4 Billion in New Capital Investment
18,137 New Future Jobs
Alabama International Trade ResultsAlabama exports held
steady for 2014 coming in at $19.5 billion, just shy of the all-time record high of $19.6 billion in 2012.
Surged 115 percent since 2004
Alabama-made products reached 200 countries
Accelerate Alabama
•Released January 2012•Includes input from nearly 1,200 individuals•Identified 11 target business sectors•Utilizes existing assets such as:
Colleges and Universities Community College System Workforce Development Organizations Local Economic Development Groups
Alabama’s strategic five year plan to drive economic development
Key Drivers
• Recruitment - Attraction of new business and industry
• Retention - Retention and expansion of existing business and industry
• Renewal - Job creation through innovation, entrepreneurship, research and development, and commercialization
Targeted Industry Sectors
Supplier Support Team
Alabama Jobs ActAct 2015-27
• Effective July 2, 2015• Jobs Credit
• Cash rebate up to 3% of previous year’s payroll for up to 10 years• Additional .5% on wages of veterans for companies who employ a
workforce of at least 12% Veterans• Up to an additional 1% for projects in Targeted Counties
• Investment Credit• Credit of up to 1.5% of Capital Investment for up to 10 years• Credit against income tax and/or utility tax• Can be carried forward for 5 years• If approved, the first 3 years can be sold
Qualifications for Alabama Jobs Act
• Must create new jobs• At least 50 for most projects• 25 in Targeted County• Any number of jobs for chemical manufacturing, data centers,
metal/machining, engineering, design and research projects
• Jobs Act Incentives are discretionary • The project’s tax payments must exceed the tax incentives sought• Project Agreement with clawbacks is required• Future incentives granted can never exceed $850 million
• Legislative oversight is required and Jobs Act incentives will expire 12/31/19 unless renewed
Targeted Counties
• Counties having a population of less than 25,000 (currently 25 counties)
• Only require 25 new jobs for Jobs Act• Projects may receive an extra 1% Jobs Credit• Up to 15 years Investment Credit for projects selling
their output nearby• State Industrial Development Authority can make loans
to fund site prep• Capped at $20M• Up to $2M for 25+ jobs• Up to 1M for less than 25 jobs
Questions?
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