Workforce Training Assistance
Businesses can apply for reimbursement grants to subsidize the cost of training and retraining employees through the states' Skills 2016 program. This reimbursement program covers up to 50 percent of eligible training costs which include instructor wages, tuition, and training materials. The maximum award for retraining is $200,000. Below describes some programs included in the states' reimbursement grant program.
The Skills Enhancement Fund (SEF) provides financial assistance to businesses committed to training their workforce. Businesses can apply for reimbursement grants to subsidize the cost of training and retraining employees over a two-year term. Trainees must be Indiana residents. This reimbursement program covers up to fifty-percent of eligible training costs, which include instructor wages, tuition, and training materials. The maximum award for retraining is $200,000. Click here for SEF fact sheet.
The Technology Enhancement Certification for Hoosiers (TECH) Fund reimburses activities that result in a full-time employee receiving a portable certification in systems administration, systems engineering, or software development; a professional certification; or other certification in advanced e-business-enabling applications.
Tax Credits and Exemptions
The Economic Development for a Growing Economy (EDGE) is a refundable tax credit program that rewards companies creating jobs and contributing to the growth of Indiana's economy. EDGE credits are calculated as a percentage of payroll tax withholding for net new Indiana jobs. EDGE may be awarded for up to 100% of the projected withholdings attributable to the company's Indiana project, and EDGE tax credits may be awarded for a period not to exceed ten-years. Click here to view the EDGE fact sheet.
The Hoosier Business Investment Tax Credit (HBITC) program encourages capital investment in Indiana by providing a credit against a company's Indiana tax liability. The credit amount is based on a company's qualified capital investment with the final credit amount determined through the Indiana Economic development Corporation, based on an analysis of the economic benefits of the proposed investment. HBITC is established by I.C. 6-3.1.26. Click here to view the HBITC fact sheet.
The calculation of Credits is done through the Indiana Economic Development Corporation who certifies the amount of the qualified investment that is eligible for credit and the amount directly related to expanding the workforce in Indiana.
A company's credit award may be up to ten-percent of the qualified capital investment and may be carried forward for nine-years. The Indiana Economic Development Corporation determines the applicable credit percentage and carry forward term on a case-by-case basis.
Industrial Development Grant Funds (IDGF) are awarded to eligible units of government to help them meet the infrastructure needs of a new or expanding business. The infrastructure project must support new business development, which is defined as either an expansion of an existing company or the location of a new manufacturing facility. Public-installed infrastructure may be improved up to, but not onto, the company's property; except in the case of rail spurs which may be funded on company property. Eligible Activities include water lines, sewer lines, drainage facilities, wastewater treatment facilities, road improvements, rail spurs and fiber optic cable. Click here for IDGF fact sheet.
The Hoosier Headquarters Relocation Tax Credit (HHRTC) is for a business that relocates its corporate headquarters to a location in Indiana is entitled to a credit against its state tax liability equal to 50% of the costs incurred in relocating the headquarters. After relocation, the corporation must have 75-employees in Indiana. However, a company must have worldwide annual revenue of at least $100 million to qualify.
The Venture Capital Investment Tax Credit (VCTIC) program is established to improve access to capital to 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. Click here for VCTIC fact sheet.
Indiana Development Finance Authority Loan Guaranty Program
The IDFA can guarantee loans for high-growth/high-tech companies, manufactures, rural development projects, value-added agricultural enterprises and other types of businesses that create a significant number of Hoosier jobs. To date, IDFA has provided over $83 million guaranteed loans to Indiana businesses.
After more than two decades of existence, the SBIR Program has established itself as one of the most effective technology programs administered by the federal government. SBIR/STTR programs are highly competitive and encourage small businesses to explore their technology potential. SMIR/STTR funding is available from 11 participating agencies throughout the United States and focus on various technology areas.
The 21st Century Research and Technology Fund, an office of the Indiana Economic Development Corporation (IEDC), oversees the mission of the program--to help Indiana businesses compete for and win federal funding. Additionally, the IEDC SBIR/STTR initiative is committed to assisting Indiana businesses in the commercializing of their prototypes and understands the impact that these companies can have on the economy. This, coupled with the matching program, will provide Indiana companies with the fuel needed to excel in the SBIR/STTR programs. Click here for 21st Century Fund.
Office of Regulatory Ombudsman
The Indiana Economic Development Corporation's Office of Regulatory Ombudsman acts as a mediator, expediter and problem-solver in areas affecting businesses, communities and economic development organizations. The Ombudsman's office can assist in the permitting process, serve as a liaison with state agencies and provide information about state regulations and requirements. The Office of Regulatory Ombudsman can be contacted at 800-280-0584.