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Business Incentives

Economic Development Power Rate
The Petersburg Borough established an economic development power rate for new businesses or existing businesses who expand their operation. The purpose of this rate schedule is to encourage economic development by encouraging capital investments, adding jobs, improving the efficient utilization of existing PMP&L facilities and diversifying its customer base.

The Economic Development Power Rate is one way of providing lower cost energy to qualified businesses. Through this program, Petersburg Municipal Power & Light offers special reduced energy rates to attract and retain businesses and jobs in Petersburg. The rate term is for up to three years. The rate is available to a qualifying new business or an expanding business who increases their peak demand for up to three years. For more information, download the ordinance and tariff (39K PDF file) or contact the Superintendent of Petersburg Power & Light at 907.772.4203.

HubZone
The Historically Underutilized Business Zones (HUBZone) program helps small businesses in rural communities gain preferential access to federal procurement opportunities. These preferences go to small businesses that obtain HUBZone certification in part by employing staff who live in a HUBZone. The company must also maintain a "principal office" in one of these specially designated areas. Petersburg is a HubZone area. For more information and to certify your company, please visit www.sba.gov/hubzone.

Work Opportunity Tax Credit
The WOTC provides a Federal tax credit to employers for hiring individuals from certain target groups. There are several target groups, but one that you should be aware of is designated community residents, which includes individuals aged 18-40 who live in the Petersburg area, including all of Mitkof Island and Kupreanof Island. The federal tax credit is calculated based on the employee hours and wages, but the maximum is $2,400 per new hire. Since this is a tax credit, your business’ federal tax liability would be reduced by the credit amount. For more information, contact the Alaska Department of Labor at 907.465.5952 or PEDC.

 
   
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all materials copyright 2013 PEDC unless otherwise noted.