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March 22, 2024
Question

What do I enter under Part R - Alabama Renewal Act - Growing Alabama Credit, LEDO name?

  • March 22, 2024
  • 1 reply
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DawnC
Employee
March 22, 2024

If you are taking the Growing Alabama Tax Credit, the LEDO name is referring to the name of the local economic development organization that you made contributions to.  

 

GROWING ALABAMA CREDIT:  Incentive to provide a source of funds for site preparation and public infrastructure needs of existing industrial sites. 

 

BENEFITS 

  • Approved projects are funded when taxpayers make contributions to a Local Economic Development Organization
  • Taxpayers receive a tax credit equal to their contributions. The tax credit may offset up to 50% of the taxpayer’s income tax liability. 
  • Credit can be carried forward for 5 years. 

 

REQUIREMENTS 

  • An eligible site must have a deficiency in site preparation or public infrastructure. 
  • An eligible site must have either (1) a potential project, or (2) an identifiable reason that an industrial prospect did not select the site in the past. 
  • An eligible site must be owned by a local economic development organization, such as an IDA, IDB, chamber of commerce or other nonprofit economic development organization. 
  • 25% of the Growing Alabama Funds are earmarked for sites located in Targeted Counties. 
  • Projects must be approved by Commerce and the Renewal of Alabama Commission.
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