Incentives at a Glance
Skills Enhancement Fund (SEF)
SEF provides financial assistance to new and expanding companies committed to training their Indiana resident workforce. Eligible companies can receive reimbursement of up to 50% of eligible training costs ($200,000 Maximum). Indiana will also continue this commitment to training by welcoming companies back after a two-year period to re-apply for additional funds to retrain employees.
Technical Enhancement Certification for Hoosiers (TECH Fund)
The TECH Fund provides financial assistance to existing companies that are committed to training their information technology (IT) workers in the latest information technology skills. Eligible companies can receive reimbursement of up to $50,000 or $2,500 per employee or 50% of training costs whichever is less. The program is administered on a reimbursement basis with a minimal amount of application paperwork.
Industrial Development Grant Fund (IDGF) Infrastructure Grant
Awarded to local communities to help them meet the public infrastructure needs of a new or expanding business. Publicly installed infrastructure may be improved up to, but not onto, the company’s property; except in the case of rail spurs and fiber optic cable.
Economic Development for a Growing Economy (EDGE)
Tax credits based on the additional employee payroll taxes for net new job creation in Indiana. The awarded amount can be up to 3.09% of the gross payroll for the net new jobs for a period not to exceed ten years. Credits are applied to the company’s Indiana income tax liability and are refundable.
Hoosier Business Investment Tax Credit (HBI)
Tax credits for a “qualified investment” made in an Indiana facility. Generally speaking, a “qualified investment” includes new buildings, building improvements and equipment; but not real estate. The IEDC Board can award state income tax credits up to 10% of the “qualified investment”
Expanding or Relocating Incentives:
Every incentive that has been offered by the Economic Development Corporation of Wayne County has been approved by the city and county governmental entities.
Tax Incentives:
Indiana sets up the perfect foundation for businesses with a range of tax credits and abatements that make great financial sense.
Ongoing Incentives:
Tax abatement programs reduce the amount of local taxes paid over a 1- to 10- year period for real estate improvements or purchase of new manufacturing equipment. Under Indiana's state law, inventory tax abatement is available.
Within the Richmond Enterprise Zone, eligible companies receive additional tax abatements, exemptions from the state gross income tax, individual investor income tax credits and more.
Wayne County has excellent access to captial markets through programs for conventional financing, venture capital and gap financing.
Tax Increment Financing (TIF) allows increased tax revenues gained through redevelopment or economic development to pay for capital improvements needed to induce redevelopment or ecomonic development.
Indiana businesses are taxed at far lower rates than surrounding states. This is achieved through the state's traditional fiscal conservatism and a state constitution that forbids state indebtedness.