The state of Alabama is a wonderful place to start a business. It is a business friendly state that welcomes new businesses.
According to the Small Business and Entrepreneurship council, Alabama places in the top four states of the best place to own a business. They measure the states on 29 criteria which include tax rates on income, government spending, and labor costs. Alabama beat out 46 other states in these criteria which is quite impressive for this business friendly state. Alabama also made the top list of the states with the lowest tax burden on small businesses.
Alabama can be a wonderful place for you if you have been considering becoming an entrepreneur. It has low overall tax rates and abundant natural resources including coal, limestone, marble, granite, cotton, and oil. Being able to get more of your resources from the same state as your business means less cost for you and your business and will help stimulate the economy in the area in which you live.
The more you can buy closer to home, the more money you keep in your business. Alabama even has special tax incentives for new businesses and for expanding ones. Even if you have never owned a business before and are new to the process, Alabama is a wonderful place to start because of their tax and legal structure that businesses must operate under is fairly typical and does not take any business expertise.
Alabama also has a low cost of living compared to the national average making it easy to attract workers to your business in the state. A lower cost of living is always an attractive incentive for people to move to an area. The Department of Revenue can grant tax exemptions for new businesses in enterprise zones for up to five years and enterprise zone tax credits up to $2,500 per new employee hired. This is a wonderful opportunity that new businesses can be eligible for in Alabama.
Alabama also has some of the lowest property taxes in the nation in relation to residents’ income. This is also another attractive incentive for bringing more people into your area for business. With the lower state taxes a business can worry more about their products or services and less about tax issues. Alabama has much to offer a business. A business truly has the opportunity to thrive in Alabama even in our current economic times.