Incentives
Significant financial benefits can be sought if you select Perry County as the site for your next project. Perry County’s economic development officials are the acknowledged leaders in utilizing development incentives in Southwest Indiana. The PCDC will work with city and county officials, state governmental entities, as well as utility providers to find those resources which most closely fit your company’s needs.
Once the parameters of your company’s project are known, the Perry County Development Corporation will work to put together the best cost-savings plan available. Various incentives that may be utilized toward your project include: (Note: some of the following are linked to the governement information about the program. Clicking on the link will open a new window in your browser.)
Tax Increment Financing
Perry County’s TIF funds allow for continued infrastructure development, as well as new construction, property acquisition and training. The amount of revenue available is dependent upon your company’s investment. To leverage the property tax revenue, tax-exempt or taxable bonds may be issued in support of the project. The bonds are then retired through property tax revenue generated by the project and/or the TIF district.
Tax Abatement
Tax Abatement in Perry County is offered to the maximum extent of the law. Prior to construction, a program is set up that will phase in the increase in property taxes that result from investments in industrial buildings, land, machinery and equipment. The gradual increase occurs over a span of up to 10 years.
EDGE Tax Credit
Your company may qualify for a state tax credit known as EDGE. This credit is based on payroll and allows individual income tax withholdings from company employees to be credited against the company’s Indiana corporate income tax liability. Excess withholdings are refunded to the company. These credits can be awarded for up to 10 years.
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Hoosier Business Investment Tax Credit
The State of Indiana offers a 30% credit on a qualified capital investment made by a taxpayer. Capital investments include purchase/upgrade manufacturing equipment, telecommunications equipment or computers. Also included is the construction of buildings for fuse in computer, software, biological sciences or telecommunications industries.
Venture Capital Tax Credit
Investors in Indiana businesses may be eligible for a tax credit equal to 20% of the investment. These credits are authorized by the Indiana Department of Commerce up to $10 million per year.
Research and Development Tax Credit
Some Indiana businesses may claim a 10% credit on taxes for investment in research and development. This percentage will remain in effect until 2013.
Biodiesel Tax Credit
A tax credit of $1 per gallon is available for all biodiesel produced in Indiana and used to produce blended biodiesel. A tax credit of 2 cents per gallon is available on blended biodiesel produced in Indiana. Finally, a tax credit of 1 cent per gallon is available on blended biodiesel sold through a metered pump at a service station.
Ethanol Tax Credit
Indiana facilities that produce ethanol are eligible for a 1.25 cents per gallon tax credit.
Aircraft Tax Credit
Aircraft operated by a business entity that has its corporate headquarters in Indiana are exempt from the property tax. Also, property tax deductions are available to owners of aircraft used to transport people or property between a qualifying medium hum airport and at least two qualifying underserved airports.
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Interstate Inventory Tax Exemption
Finished goods awaiting shipment to an out-of-state destination are usually exempt from inventory tax. Typically, the amount of the exemption is determined by applying the percentage of the location’s total shipments to out-of-state destinations during the previous year.
Lease-Financing for Capital Projects
Available through the Ports of Indiana, corporations and developers with investment-grade credit that wish to expand may seek financing assistance. This assistance is available to qualified candidates regardless of their proximity to or usage of Indiana’s ports.
Training Cost Assistance
Perry County and the State of Indiana can both provide training dollars to help get your new or expanded facility staffed with a trained workforce. Grants for up to 50 percent of eligible training costs are available. Awards for retraining can reach up to $200,000. Also, up to 75 percent of related costs may be reimbursed for companies seeking to become QS-9000 certified.
Infrastructure Improvements
Grants and loans are available from the State of Indiana for infrastructure improvements such as funding for roads, rail spurs, water lines and sewer lines.
21st Century Research and Technology Fund
Businesses or individuals looking to develop or commercialize advance technologies can turn to the 21st Century Research and Technology Fund for assistance. Awards have been awarded in fields including bioengineering, life sciences, pharmaceutical science, agriculture, advanced manufacturing and information technology.
For additional information on any of the above incentive programs, please contact the Perry County Development Corporation at 812-547-8377.
Links of Interest:
Indiana Department of Workforce Development Targeted Acceleration Grants
Indiana Department of Commerce – Tax Incentives
Indiana Department of Commerce – Incentives
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© 1999-2008 Perry County Development Corporation • 601 Main St. Suite A • Tell City, IN 47586
Phone: 812.547.8377 • Fax: 812.547.8378 • chris@pickperry.com
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