January 10, 2018 - 4:17 PM
MONTGOMERY, Ala. - Alabama offered an incentive package of more than $370 million the Toyota-Mazda plant to build in the state. According to the Alabama Department of Commerce, the state's offer included:
— $210 million investment credit: Toyota Mazda will be able to claim a tax credit of up to 1.5 per cent of the qualified capital investment expenses over the next 10 years.
— $90.6 million payroll credit: The companies will get an annual cash rebate of up to 3 per cent of the previous year's gross pay roll for eligible employees for up to 10 years.
— $20 million capital reimbursement: The companies will get a reimbursement for eligible capital costs.
— $39.3 million sales and property tax abatement: The companies will get a reduction in sales and property taxes. That includes a $14.3 million property tax abatement over 20 years.
— $20 million training centre: The state has committed up to $20 million for the construction and operation of a training centre.
The state has offered some road and bridge improvements around the new plan, Alabama Commerce Secretary Greg Canfield said. He added that he was uncertain of the final cost but said the improvements should total less than $20 million.
We are honoured Alabama is truly honered to have been chosen for this project. Having been selected is a testament to our workforce and the people of our state,"
News from © The Associated Press, 2018