INDIANA RESEARCH EXPENSES TAX CREDIT

Provides for a Tax Credit based upon a taxpayer’s increased Research activities conducted in the State of IN.  The credit is 10% of the increase over a base year.

ECONOMIC DEVELOPMENT FOR A GROWING ECONOMY (EDGE)

A taxpayer who creates new jobs may qualify.  The Indiana payroll taxes withheld from the new employees are the basis for the credits.  EDGE Credits may be awarded up to the amount of eligible gross payroll, for a period of up to 10 yrs.  A company may be eligible for EDGE if it is retaining jobs that might otherwise be eliminated.

INDUSTRIAL DEVELOPMENT GRANT FUNDS

Grants to the local government for water lines/sewer lines, and land improvements for t he benefit of an expanding business.

INDIANA 21st CENTURY TECHNOLOGY FUND

Grant dollars provided for Developing and commercializing Advanced Technologies in IN.  Three categories awarded: Science & Technology; Center of Excellence, and Entrepreneur Activities.  The Fund emphasizes the creation of Academic Sector; Commercial Sector Partnerships.  A board reviews applications and approves awards.

HOOSIER BUSINESS INVESTMENT TAX CREDIT (HBITC)

The HBITC is a 30% credit against State Tax liability.  There are investments in several categories that may qualify for this Tax Credit.

TAX ABATEMENTS

10 yr. Tax Abatements on Real Property (Buildings)

5-10 yr. Tax Abatements on Manufacturing Equipment and/or Research & Development

Businesses targeted for Tax Abatements are Manufacturing and Warehousing.  Retail and Residential Facilities are not eligible.

Application for Tax Abatement is made prior to equipment installation or new construction.  First, the appropriate designating body must determine by Resolution that the property is an Economic Revitalization Area (ERA)

A statement of benefits is submitted to the Council estimating the value or cost of the proposed project and to estimate the number and salaries of the newly employed or retained.

A subsequent hearing is held on the Abatement.  Once approval is given the Business must file a Deduction Application with the County Auditor one for Real Property before May 10th in the year in which it is assessed.  For equipment, and annual filing for deduction is required between March 1st and May 15th.  The Business must also file a form demonstrating the Business’ compliance with the original Abatement.

INDUSTRIAL DEVELOPMENT BONDS

Lower interest rates available through the County and Cities and Towns.  Exempt from State Income Tax.

TAX INCREDMENT FINANCING (TIF)

A TIF has been established in the community of Berne.  The tax was used to attract FCC to Berne.   Generally, new property taxes are captured and used for infrastructure, land acquisition, and site improvement.  In the case of FCC, TIF Revenue will be used to pay back bonds that were used to assist with land acquisition and infrastructure and site improvements.

REVOLVING LOAN FUND

A rederally funded low interset loan program few communities are able to offer. Administered by the Adams County Economic Development Corporation. Please call for more information.

OTHER INCENTIVES

Depending on the size and scope of the project, the amount of investment and the number of jobs created there may be additional incentives provided local.