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Jan 18, 2024

Innovate Alabama launches new tax credit program for small businesses, entrepreneurs

Published On: 06.07.23 | By: Mark Kelly Applications for the first round of the

Published On: 06.07.23 |

By: Mark Kelly

Applications for the first round of the Innovate Alabama Tax Credit program opened on June 1. (Getty Images)

Alabama's support for tech accelerators and innovative small businesses received a boost on June 1, when applications opened for the Innovate Alabama Tax Credit program. The newly launched initiative is part of the Innovation and Small Business Act, a key component of "The Game Plan," a package of economic development legislation proposed by Gov. Kay Ivey and approved by the Alabama Legislature in March.

The deadline for applications for the initial round of credits is Friday, June 16. Applications that satisfy statutory and other requirements are expected to be considered for approval at the Innovate Alabama board meeting, slated for 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 Alabama," said Alabama House Minority Leader Anthony Daniels (D-Huntsville), who is a member of the Innovate Alabama board. "This is essential to helping us uplift underrepresented entrepreneurs and helping innovators grow roots in our state."

Rep. Anthony Daniels

The latest in a growing set of tools to encourage business growth in Alabama, the new Innovate Alabama Tax Credit provides support to programs designed for small businesses in innovative industries — including those owned by members of historically underrepresented populations — as well as tech accelerators. It offers tax credits 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. Implementation of the Innovate Alabama credit builds on the successful Growing Alabama program of the Alabama Department of Commerce.

"I’m excited to see this critical piece of the Growing Alabama program transition into the Innovate Alabama Tax Credit," said Cynthia Crutchfield, CEO of Innovate Alabama. "We are dedicated to working with our governmental leaders to create a ripe ecosystem for tech accelerators and innovative small businesses to thrive, and to show companies looking to relocate that our state is open for business."

Cynthia Crutchfield, CEO, Innovate Alabama (Innovate Alabama)

Innovate Alabama is Alabama's first statewide public-private partnership focused on entrepreneurship, technology and innovation. It was established to implement initiatives and recommendations set forth in the 2020 report of the Alabama Innovation Commission, including smart policy solutions aimed at enhancing the state's competitiveness through a more resilient, inclusive and robust economy. Learn more at innovatealabama.org.