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Greetings!

 

Here is today's summary of economic development news, a free service of the Economic Development Partnership of Alabama, representing Alabama's private sector investment in economic development.  If you enjoy NewsFlash, thank an EDPA Partner

 

In this issue:
Former Daimler AG executive becomes University of Alabama professor
Alabama ranks in upper half of states for its pro-business tax climate
ATK gets $50M contract to help NASA develop Space Launch System
Central Alabama's new vehicle sales grow 16 percent in September
Lunch & Learn: Alabama New Market Tax Credits


 

 

 

 

 

Former Daimler AG executive becomes University of Alabama professor

Published: Monday, October 08, 2012
By Dawn Kent | dkent@al.com

TUSCALOOSA -- A longtime automotive technology researcher and development engineer for German automaker Daimler AG has joined the faculty at the University of Alabama.

Bharat Balasubramanian will be a professor with an appointment in both the mechanical engineering and electrical and computer engineering departments. He also was named executive director of the Center for Advanced Vehicle Technologies, a cross-discipline research center focused on automotive innovation.

Balasubramanian said he wants to strengthen relationships between the university and industry, while helping prepare students to work for auto companies in Alabama and the Southeast.

He retired earlier this year as vice president of group research and advanced engineering responsible for product innovations and process technologies after nearly 40 years as a research and development engineer at Stuttgart-based Daimler.

more...


[al.com]


 

Alabama ranks in upper half of states for its pro-business tax climate

Published: Tuesday, October 09, 2012
By
Alex Walsh | awalsh@al.com
The Tax Foundation ranked Alabama 20th in its 2012 State Business Tax Climate Index, citing low property taxes and competitive individual income and corporate tax rates as key factors.

The Washington group identifies itself as non-partisan, and cites simplicity, transparency, and neutrality among its key "Principles of Sound Tax Policy." However, it appears states tend to be ranked higher when they forgo certain types of taxes completely.

The top three states in the Tax Foundation's most recent ranking are Wyoming, South Dakota, and Nevada. All three states do not levy corporate taxes, nor do they collect individual income taxes. Elsewhere in the top ten are Alaska (no individual income or state-level sales tax), Florida (no individual income tax), New Hampshire and Montana (no sales tax).

The group considered five types of taxes to create its aggregate rankings: corporate, individual income, sales, property, and unemployment insurance taxes. Alabama ranks 16th among states in corporate taxes; 18th for individual income taxes; and 11th for unemployment insurance taxes.


more...

[al.com]

 




ATK gets $50M contract to help NASA develop Space Launch System

Published: Tuesday, October 09, 2012 
By Lee Roop | lroop@al.com


ARLINGTON, Va. -- ATK said today that NASA has awarded the company a $50 million contract to help develop future generations of its heavy-lift rocket called the Space Launch System.

 The core booster for the rocket is being developed at Huntsville's Marshall Space Flight Center.The first of the rockets in the system will use solid-fuel boosters strapped on the side of the central core, but future generations could use different methods to generate more power.

The rocket will eventually scale up from 70-metric-ton lifting capability to 130-metric-ton. The bigger version will have enough power and fuel for deep-space destinations such as Mars.

ATK says it will focus on technological challenges to the bigger boosters, including "development of a lithium-ion battery-powered electric thrust vector control system; high-performance propellant; lightweight composite rocket motor case; and an advanced nozzle." At the end of the contract, ATK will test fire an integrated booster containing the technologies it develops.

ATK said today that its Huntsville division will be involved in the contract, but details weren't immediately available.


more...
[al.com]

 



 

Central Alabama's new vehicle sales grow 16 percent in September

Published: Monday, October 08, 2012
By Dawn Kent | dkent@al.com

BIRMINGHAM, Alabama -- Central Alabama auto dealers cashed in on the national trend of rising auto sales last month, as their new vehicle sales increased 16 percent.

New data from the Birmingham Automobile Dealers Association shows 7,234 new vehicles were sold in the region during September, compared to 6,218 a year ago.

But used car sales fell to 14,691, a 4.5 percent decline from September 2011.
Overall, sales at the region's auto dealers totaled 21,925 in September, up 1.5 percent from the year-ago period. So far this year, sales are 5 percent ahead of 2011.

Last week,automakers reported their U.S. sales for September.
Total sales rose 13 percent from a year ago, while sales of Alabama-made vehicles rose 9 percent.


more...

[al.com]

 



 

Understanding Alabama NMTC law
Lunch & Learn: Alabama New Market Tax Credits
How Can They Benefit Your Project?

11:30 a.m. to 12:00 p.m. - Lunch & Registration
12 p.m. to 1 p.m. -Presentation

Oct 30, 2012
Bradley Arant Boult Cummings LLP
One Federal Place
1819 Fifth Avenue North
Birmingham, Al 35203


  Featured Speakers

Linda Swann- Assistant Secretary, Alabama Department of Commerce
Ed Briscoe - Managing Director, Weave Social Finance, LLC
Beau Byrd - Partner, Bradly Arant Boult Cummings LLP

During this seminar, attendees will learn how Alabama New Market Tax Credits (NMTC) can make your project a reality and supplement your incentives

  • What makes a good NMTC deal?
  • Is Alabama NMTC right for your project?

RSVP to reserve your seat. Seating is limited, so RSVP by Tuesday, October 23rd.

If you have any questions, contact Joslyn Smith at jsmith@babc.com or 205.521.8631.  

 





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Val Walton
   
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