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Funding, In the South

Startup Tax Incentives by State

- Lena Anthony -

 

We’re sort of torn on the concept of startups choosing a location based on its startup tax incentives. We did hear from one business that moved from the Ohio side of Cincinnati to the Kentucky side of Cincinnati because Kentucky had better tax breaks. But outside of the Kentucky-Ohio border, we’re not sure it’s happening all that much. After all, there are myriad other factors that go into a decision like starting a business. One thing we are certain of? All sorts of startup tax incentives exist all over the South and you’d be smart to make sure you’re taking full advantage of what your state offers. In the following list, we provide some highlights of startup tax incentives in each state and links to the state government pages that outline their tax incentive programs in whole.

Alabama

  • Hiring credits, including for veterans and full-time employees
  • Tax credits for starting a business in “new markets” or economically disadvantaged communities.

http://www.edpa.org/location-assistance/taxes-incentives/
http://revenue.alabama.gov/taxincentives/incentivesum.pdf

Arkansas

  • Job creation incentives
  • R&D tax credit for research done in conjunction with Arkansas universities
  • Capital Investment credits for projects valued at $250,000 or more
  • Equity investment tax credit to encourage outside investment
  • Targeted business incentives for high-wage, knowledge-based industries

http://www.arkansasedc.com/incentives/incentives

Florida

  • Targeted business incentives for high value-added industries
  • Incentives for starting or growing a business in a rural community
  • Incentives for starting or growing a business in an urban area

https://www.enterpriseflorida.com/why-florida/business-climate/incentives/

Georgia

  • Multiple jobs tax credits, including one for high-wage jobs
  • Digital media tax credit (film, television, interactive games and animation)

http://www.georgia.org/competitive-advantages/tax-credits/

Kentucky

  • Incentives for expansion and business creation, including enhanced incentives for business activity in certain zones
  • Direct loan program
  • SBIR funds matching
  • Incentives for high-tech, environmental and energy independence
  • Tax credit for angel investors

http://thinkkentucky.com/Locating_Expanding/kybizince.aspx

Louisiana

  • Digital interactive media and software development tax credit (link to startup southerner article)
  • Angel investor tax credit
  • R&D tax credits
  • Enterprise zone tax credits
  • Louisiana Technology Park for high-tech startups

http://www.opportunitylouisiana.com/incentives

Mississippi

  • Jobs tax credits
  • Growth and Prosperity Program for economically disadvantaged areas

https://www.mississippi.org/home-page/our-advantages/incentives/complete-incentives-list/

North Carolina

  • Tier designations encourage development in less prosperous areas of the state
  • Job development investment grant’
  • Inventory tax exemption
  • Interactive digital media tax credit

http://edpnc.com/relocate-or-expand/incentives/

South Carolina

  • Research and development credit
  • Corporate headquarters credit
  • Job tax credit

http://sccommerce.com/node/2315

Tennessee

  • Job tax credits for at 25 new hires
  • Sales and Use tax exemptions

http://www.tnecd.com/advantages/incentives-grants/

May 10, 2016Lena Anthony

Startup Lesson: How I Accidentally Pivoted My Way to SuccessTalent Management for Startups: How to Plan for Employee No. 3
4 years ago Funding, In the Southtax incentives in the southeast902
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Lena Anthony

Lena is serving as managing editor of Startup Southerner. She has something like a decade of experience writing and editing for various business audiences, including startups.

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