Kokomo, Howard County, and the State of Indiana offer the kind of tax rates and incentives that help businesses thrive. A review of Howard County Tax Rates will show them to be among the lowest in the nation. And when it comes to incentives, you’d be hard pressed to find as comprehensive a list.
Property Tax Abatements
available on new equipment or real property improvements for periods up to ten years
Revolving Loan Fund
seeks to revitalize the Kokomo community by providing favorable financing for new and expanding manufacturing, industrial, and service companies • provides 1/3 gap financing up to $300,00 at very attractive rates • can be used for equipment purchases, property improvements, working capital, and more
Economic Development Income Tax (EDIT) Job Training Grant
assists local businesses in training new workers and retraining existing workers • targets businesses that may not be eligible for participation in federal and state job training programs • local 50/50 cash reimbursement for qualified training.
Customized Business Incentives
examples include relocation grants for companies moving to Kokomo, infrastructure grants, employee relocation assistance, possible others • available through use of Economic Development Income Tax Fund or through the Greater Kokomo Economic Development Alliance (GKEDA) • incentive eligibility and amounts determined by a company’s job creation results and local investment • each incentive subject to local City Council, County Council, department or other agency approval, where applicable
The Indiana Economic Development Corporation (IEDC) is the state's lead economic development organization. Through it, many incentive programs are available for companies creating jobs and raising income in Indiana. Economic development incentives include tax credits based on job creation and capital investment, training grants, and public infrastructure assistance.
Skills Enhancement Fund (SEF)
provides financial assistance to new and expanding companies committed to training their Indiana resident workforce • up to 50% reimbursement of eligible training costs possible for eligible companies • re-application for additional funds to retrain employees allowed after a two-year period
Technical Enhancement Certification for Hoosiers (TECH Fund)
provides financial assistance to help companies train their information technology (IT) workers • administered on a reimbursement basis • up to $50,000, $2,500 per employee, or 50% of training costs, whichever is less, reimbursed to eligible companies
Industrial Development Grant Fund (IDGF)
to help communities meet the public infrastructure needs of a new or expanding business • assistance available for publicly installed infrastructure leading up to, but not onto, a company's property, except in the case of rail spurs and fiber-optic cable
Economic Development for a Growing Economy (EDGE)
based on additional employee payroll withholdings for net new job creation in Indiana • grant may be for a period of up to 10 years • credits refundable and applied against a company's Indiana income tax liability
Industrial Recovery Site Tax Credit (Dinosaur Building)
available for rehabilitating buildings that 1) have been empty for the previous two years, 2) were in operation at least 20 years ago, and 3) have at least 250,000 square feet of interior space
Hoosier Business Investment Tax Credit (HBI)
available to a company making a "qualified investment" in an Indiana facility • "qualified investment" generally includes new buildings, building improvements, equipment • credit award may equal up to 10% of the qualified investment and may be carried forward for up to nine years • credit percentage and carry-forward term determined by IEDC on case-by-case basis
Venture Capital Investment Tax Credit (VCI)
a non-refundable tax credit available to qualified applicants that provide investment capital to qualified Indiana businesses • aggregate credit amount for a particular qualified business is equal to the lesser of 20% of the qualified investment or $500,000
21st Century Research and Technology Fund (21 Fund)
helps develop and commercialize advanced technologies in Indiana • proposal review process entails 1) a review of the technology or science by experts in the field and 2) an evaluation of the commercial viability of the proposal
In addition to the grants, tax incentives, and services the IEDC offers generally, efforts are also focused on particular industries including:
The Indiana Department of Workforce Development (IDWD) is committed to delivering high-quality services and programs that enable companies to compete successfully in today’s global economy. Its services range from the provision of training grants to skill assessments and recruitment assistance.
"Innovating Indiana" Training Acceleration Grant provides financial assistance to companies and organizations committed to expanding the skills of their existing workforce through training programs Training activities result in nationally recognized credentials to benefit your company and your employees.
WorkKeys® is a skills assessment program developed by ACT for employers and employees wherein professional job analysts work with employers to profile the skills and skill levels needed to be successful on the job • uses “specific” assessment, enabling companies to assess skill gaps, then develop profiles and training programs tailored to specific individual and company needs