The State of Indiana offers outstanding Incentive Packages to new and expanding companies that include tax credits, training grants and financial assistance. Locally, we have an established TIF District, support property tax abatements and set aside CEDIT dollars for economic development projects. Call or stop by Wells County Economic Development to discuss what programs may be beneficial to the growth and success of your business.
Many of the state incentives are offered to new and existing companies through the Indiana Economic Development Corporation (IEDC) to support jobs creation and capital investment to increase the standard of living to Indiana residents:
Economic Development for a Growing Economy Tax Credit - The EDGE credit is a refundable corporate income tax credit calculated as a percentage of the expected increased tax withholdings generated from new job creation.
Hoosier Business Investment Tax Credit - The HBI credit, a non-refundable corporate income tax credit, is calculated as a percentage of the eligible capital investment to support the project. The credit may be certified annually, based on the phase-in of the eligible capital investment.
Industrial Recovery Tax Credit - This tax credit provides an incentive for companies to invest in facilities requiring significant rehabilitation or remodeling expense, a 'Dinosaur Building'.
R & D Tax Credit - The State of Indiana offers two tax incentives targeted at encouraging investments in research and development. The Research expense credit and the Research and Development sales tax exemption are both claimed as exemptions in a manner prescribed by the Indiana Department of Revenue.
Venture Capital Investment Tax Credit - This program improves access to capital for fast and growing Indiana companies by providing individual and corporate investors an additional incentive to invest in early stage firms.
Skills Enhancement Fund - The SEF provides assistance to businesses to support training and upgrading skills of employees to support new capital investment. The grant may be provided to reimburse a portion of eligible training costs.
Capital Access Program - The CAP program provides businessess with access to capital by encouraging lenders who participate in the program to make loans they may not otherwise make.
Local government officials in Wells County, Indiana have a long history of strong support for local tax abatement. Property tax can be phased-in on new building construction or the purchase of equipment for manufacturing, research and development, logistical distribution and information technology. Learn more about tax abatements.
Wells County has an established Tax Increment Finance (TIF) District surrounding the Bluffton-Decker Industrial Park located in Bluffton, Indiana and have created a new TIF District for the Ossian Industrial Park. What exactly is a TIF District?
Also, Wells County sets aside County Economic Development Income Tax (CEDIT) dollars to encourage job creating economic projects.