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Innovate Alabama has opened applications for its Innovate Alabama Tax Credit program, a newly launched program that resulted from the recent passage of the Innovation and Small Business Act, a key component of Governor Ivey’s “The Game Plan.” The Innovate Alabama Tax Credit program builds on the success of the Alabama Department of Commerce’s Growing Alabama program, which provided assistance to tech accelerators and underrepresented companies.
Innovate Alabama’s discretionary program will provide support to programs designed for innovative small businesses, including small businesses in innovative industries that are owned by historically underrepresented populations, and tech accelerators, and it represents a growing set of support tools for innovative businesses and programs statewide. Similar to the Growing Alabama program, the Innovate Alabama Tax Credit program will provide tax credits to economic development organizations that may be used to offset up to 50 percent 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.”
With applications now open, the first deadline for applicants is Friday, June 16. Applications for this first round that satisfy statutory and other requirements may be submitted for approval during the upcoming Innovate Alabama board meeting on Tuesday, June 27.
“We saw an opportunity to increase the impact of tax credits to incentivize investment in small businesses and tech accelerators doing groundbreaking work in our state, and the Innovate Alabama Tax Credit does just that. These organizations are essential to the work Innovate Alabama is doing to help innovators grow roots in Alabama,” said Innovate Alabama board member and Alabama House Minority Leader Anthony Daniels, D-Huntsville. “This new tax credit driven by Innovate Alabama can help us uplift underrepresented entrepreneurs and incentivize and grow innovative industries right here in Alabama.”
To learn more and apply for the Innovate Alabama Tax Credit, visit https://innovatealabama.org/innovate-alabama-tax-credit/.
