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Find similar grantsGrowing Alabama Credit is sponsored by Alabama Department of Revenue / Alabama Department of Commerce. Offers tax credits to businesses that invest in economic development projects in Alabama.
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Growing Alabama Credit - Alabama Department of Revenue Office of the Commissioner Abatement Forms and Templates Rural Hospital Investment Tax Credit Innovating Alabama Tax Credit Procedures for Eligible Donors Railroad Modernization Act Credit Claiming Procedures Sections 40-18-417 through Section 40-18-417.
7 , Code of Alabama 1975 Act 2021-2 provides a tax credit to eligible taxpayers who make contributions to Economic Development Organizations (EDO) for approved qualifying projects. Taxpayers donating to an EDO for approved projects receive a Growing Alabama Credit equal to their donation. The Alabama Department of Commerce is the administering agency for the Growing Alabama Credit.
All inquiries regarding eligibility and qualifications for prospective projects should be addressed to incentives@commerce. alabama. gov or 334-242-0400.
Additional Information on the Credit Provisions of the Growing Alabama Credit include: The credit is equal to 100 percent of the donating taxpayer’s contribution (up to the reserved amount) to the EDO during the tax year for which the credit is claimed and may offset up to 50 percent of the donor’s tax liability. Financial institutions may use the credit to offset 50 percent of their state portion of the excise tax liability.
The credit can be used to offset individual and corporate income taxes, the state portion of the financial institution excise tax, insurance premium tax, and state utility license tax. The credit may pass through to owners of a pass-through entity. The credit is only available to donating taxpayers and cannot be transferred or assigned but may be carried forward for five years.
The Growing Alabama Credit may not be claimed for any contribution for which a separate itemized deduction is claimed. Additional provisions include: Reservations to qualifying EDO projects are allowed only when an available project has been approved by the Alabama Renewal Commission, the Growing Alabama Funding Agreement has been executed, and the online project reservation has been opened by ALDOR.
A donating taxpayer must reserve the Growing Alabama Credit online using My Alabama Taxes. Donors have 30 days from the date the online reservation for the project is opened in My Alabama Taxes to reserve the Growing Alabama Credit. Reservations are available on a first-come, first-served basis, and reservations will not be accepted once the 30-day reservation period has ended.
The credit reservation grants the donor 21 calendar days from the date of online reservation to make the cash contribution to the EDO. Within 60 days after the project has been opened in My Alabama Taxes, the EDO must confirm that the donation has been received, the project has been funded, and the project will be undertaken by the EDO before the donor is entitled to the reserved credit.
Instructions on Reserving a Growing Alabama Credit Department of Commerce Rules: Growing Alabama Credit
According to the current listing, eligibility includes: Businesses in Alabama investing in approved economic development projects. Confirm the full requirements in the official notice before applying.
The current listing shows 100% credit. Verify award ceilings, matching requirements, and allowable costs in the official notice.
Growing Alabama Credit is funded by Alabama Department of Revenue / Alabama Department of Commerce. Verify program details on the funder's official page before applying.
This opportunity targets applicants in Alabama. If your organization operates elsewhere, check the official notice for location requirements.
Start from the official opportunity page linked in this listing — it carries the sponsor's submission instructions.
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