Northwest Indiana has a strong track record of attracting and supporting new business investment and economic development through the use of competitive incentives. In Northwest Indiana, we are here for your business. Serving as a single point of contact, we collaborate closely the with state, regional, and local entities to secure a competitive incentive package for to help your business succeed.
Economic Development for a Growing Economy (EDGE) - Payroll Tax Credit
The Economic Development for a Growing Economy (EDGE) Tax Credit provides an incentive to businesses to support jobs creation, capital investment and to improve the standard of living for Indiana residents. The refundable corporate income tax credit is calculated as a percentage (not to exceed 100%) of the expected increased tax withholdings generated from new jobs creation. The credit certification is phased in annually for up to 10 years based upon the employment ramp-up outlined by the business.
Hoosier Business Investment Tax Credit (HBI)
The Hoosier Business Investment (HBI) Tax Credit provides incentive to businesses to support jobs creation, capital investment and to improve the standard of living for Indiana residents. The non-refundable corporate income tax credits are 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 eligible capital investment, over a period of two full calendar years from the commencement of the project.
Industrial Recovery Tax Credit
The Industrial Recovery Tax Credit, also known as the DINO tax credit for older buildings it benefits, provides an incentive for companies to invest in former industrial facilities requiring significant rehabilitation or remodeling expenses.
Skills Enhancement Fund (SEF) - Workforce Training Grant
The Skills Enhancement Fund (SEF) provides assistance to businesses to support training and upgrading skills of employees required to support new capital investment. The grant may be provided to reimburse a portion (typically 50%) of eligible training costs over a period of two full calendar years from the commencement of the project.
Industrial Development Grant Fund
The Industrial Grant Fund (IDGF) provides assistance to municipalities and other eligible entities with off-site infrastructure improvements needed to serve the proposed project site. Upon review and approval of the Local Recipient’s application, project specific Milestones are established for completing the improvements. IDGF will reimburse a portion of the actual total cost of the infrastructure improvements. The assistance will be paid as each Milestone is achieved, with final payment upon completion of the last Milestone of the infrastructure project.
Venture Capital Investment Tax Credit (VCI)
The Venture Capital Investment Tax Credit program improves access to capital for fast growing Indiana companies by providing individual and corporate investors an additional incentive to invest in early stage firms. Investors who provide qualified debt or equity capital to Indiana companies receive a credit against their Indiana tax liability.
The Indiana Site Certified program certifies sites that are ready for economic development. Communities of any size may apply for the designation through the Indiana Office of Community and Rural Affairs (OCRA).
A taxpayer may be eligible for a credit on qualified research expenses. The potential value of the credit is equal to the taxpayer’s qualified research expense for the taxable year, minus the base period amount up to $1 million, multiplied by 15 percent. A credit percentage of up to 10 percent is applied to any excess of qualified research expense over a base period amount greater than $1 million.
There is a 100 percent sales tax exemption for qualified research and development equipment and property purchased. Taxpayers may file a claim for refund for sales tax paid on such a retail transaction should they not purchase it exempt from sales tax at the time of the actual transaction.
The Certified Technology Parks program was created as a tool to support the attraction and growth of high-technology business in Indiana and promote technology transfer opportunities. Designation as a Certified Tech Park allows for the local recapture of certain state and local tax revenue which can be invested in the development of the park.
The mission of the SBDC is to help Indiana businesses grow and create new jobs within the state. The SBDC provides free and low-cost information, management counseling, and educational services designed to support Indiana small business owners and potential entrepreneurs, including assistance with business plan development.
The Indiana Finance Authority (IFA) is authorized to issue tax-exempt bonds, which lower the cost of financing for manufacturing projects, health care facilities, private institutions of higher education and certain other qualified projects.