State Incentives
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 percent of eligible training costs. Indiana continues this commitment to training by allowing companies to re-apply for additional funds to retrain employees after a two-year period.
Technical Enhancement Certification for Hoosiers (TECH) Fund
The TECH Fund provides financial assistance to companies to assist with training their information technology workers. Eligible companies may receive reimbursement of up to $50,000, $2,500 per employee, or 50 percent of training costs, whichever is less. The program is administered on a reimbursement basis.
Industrial Development Grant Fund (IDGF)
These grants help communities meet the public infrastructure needs of a new or expanding business. Assistance is available for publicly-installed infrastructure leading 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)
EDGE tax credits are based on the additional employee payroll withholdings for net new job creation in Indiana. The grant may be for a period of up to 10 years. Credits are applied against the company’s Indiana income tax liability and are refundable.
Industry Recovery Site Tax Credit (Dinosaur Building)
Credits are available for rehabilitating buildings that have been empty for the previous two years that were in operation at least 20 years ago, and that have at least 250,000 square feet of interior space.
Hoosier Business Investment Tax Credit (HBI)
HBI tax credits are available to a company making a “qualified investment” in an Indiana facility. Generally speaking, a “qualified investment” includes new buildings, building improvements and equipment. The credit award may equal up to 10 percent of the qualified investment, and may be carried forward for up to nine years. The credit percentage and carry-forward term are determined by the IEDC on a case-by-case basis.
Venture Capital Investment Tax Credit (VCI)
The VCI tax credit is a non-refundable tax credit available to qualified applicants that provide investment capital to qualified Indiana businesses. The aggregate credit amount for a particular qualified business is equal to the lesser of 20 percent of the qualified investment or $500,000.
21st Century Research and Technology Fund (21 Fund)
The 21 Fund helps develop and commercialize advanced technologies in Indiana. Proposals go through a review process whereby (1) the technology or science is reviewed by experts in the field and (2) the commercial viability of the proposal is evaluated.
Small Business Development Center (SBDC)
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 IEDC can assist companies by serving as a liaison between the company and communities, local economic development organizations and regulatory agencies. The IEDC can also provide permit application assistance and tracking. This service is an effort to minimize the amount of time spent on regulatory compliance.
