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Pro-Business Programs
Jasper County, its municipalities and the State of Indiana have consistently demonstrated their collective commitment to maintaining and enhancing an attractive business environment. Pro-business attitudes, conservative fiscal management and reasonable tax rates combine to make Jasper County an excellent business location.
The Indiana Economic Development Corporation is the state’s lead organization for developing incentive packages designed to stimulate business expansion and recruitment. They coordinate a wide range of programs designed to assist businesses.
SKILLS ENHANCEMENT FUND
The State of Indiana’s Skills Enhancement Fund provides financial assistance to businesses committed to training by offering grants that reimburse a portion of an employer’s training expense over a 2-year period.
The most common incentives utilized by Jasper County and its communities are:
Property Tax Abatement – provides up to 10 years of property tax relief on new real estate and personal property investment;
Tax Increment Financing (TIF) – allows the property taxes generated by new project capital investment to be utilized to retire debt or pay infrastructure costs related to the project;
Targeted Infrastructure Assistance – improvements to public infrastructure needed to support private sector investment.
Listed below are Indiana’s primary business tax incentives as well as a brief description of its principal business taxes:
INDIANA TAX INCENTIVES
Corporate Inventory Tax - None!
Economic Development for a Growing Economy (EDGE) Tax Credit - Negotiated and refundable for new job creation for up to 10 years.
Gross Receipts Tax - None!
Hoosier Business Investment (HBI) Tax Credit - Negotiated for up to 10% of investment in new buildings, improvements and equipment and may be carried forward 9 years.
Hoosier Headquarters Relocation Tax Credit - For 50% of the cost incurred for companies with revenue of $100 million or more.
Patent Income Exemption - 50% (maximum $5 million per year) for 5 years decreasing to 10% in the 10th year.
Research and Development Tax Credit - Equals 15% of increased R&D expenses on the first $1 million of investment over prior 3-year base and may be carried forward 10 years.
| INDIANA TAXES |
|---|
| Corporate Income Tax - 8% approtioned using the Single-Sales Factor on company sales in Indiana and decreasing to 7.5% in July 2013, 7% in July 2014 and 6.5% in July 2015. |
| Personal Income Tax - 3.4% plus Local Option for Jasper County residents of 3.114%. |
| Property Taxes - Both Real and Personal Property assessed at 100% of market value with Tax Caps based on Assessed Value (Homeowners 1%, Apartments/Agricultural Land 2%, Businesses 3%). |
| Sales and Use Tax - 7% with exemptions for new R&D Equipment, Manufacturing (raw materials/equipment/utilities), and Wholesale (items used directly in production/sales in interstate commerce). |
| Unemployment Insurance - New Employer Rate is 2.5% on a Taxable Wage Base of $9,500 and paid for 36 months after which an experience/merit rate is calculated. |
| Workers Compensation - Selected manufacturing class code rates per $100 of payroll: Automotive Parts (3400) - $3.62, Circuit Board (3681) - $.98, Corn Products (4703) - $1.39, Electrical Apparatus (3179) - $1.42, Machine Tools (3114) - $2.39, Plastics (4484) - $2.61, Roller/Ball Bearing (3686) - $1.69, Valve (3634) - $1.39. |