angela till deputy secretary alabama department of commerce
TRANSCRIPT
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Angela TillDeputy Secretary
Alabama Department of Commerce
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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
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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
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Alabama Then…..
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Alabama Today…
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2014
392 Projects Announced
$3.4 Billion in New Capital Investment
18,137 New Future Jobs
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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
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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
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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
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Targeted Industry Sectors
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Supplier Support Team
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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
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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
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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
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Questions?