Friday, May 31, 2019
Indiana continues to be named a top state to conduct business, with 2018 reports by the Chief Executive magazine ranking the Hoosier state fifth in the nation for business and CNBC listing Indiana’s infrastructure as second in the United States.
To further support Indiana’s strong business climate, the Indiana General Assembly recently passed legislation during the 2019 session to enhance economic development.
Senate Enrolled Act 563 updates Indiana’s system of tax incentives to help ensure our state continues to be one of the most competitive states in the nation for jobs and investments.
For example, this bill extends the Headquarters Relocation Tax Credit to attract the relocation of small, high-growth companies to Indiana.
To receive this incentive, a company’s current corporate headquarters must be outside of Indiana, have acquired $4 million in venture capital funding before or within six months of applying for this credit, and commit to relocating its headquarters or a majority of its total payroll to our state.
To support Hoosier innovation, this bill also establishes a new innovation voucher program to help fund research and development for small companies with fewer than 150 employees.
This program allows Indiana’s small businesses to create valuable research partnerships with world-class universities and aims to foster public-private partnership to drive research.
For more information on SEA 563 and others passed during the 2019 legislative session, visit iga.in.gov.
To learn more about Indiana’s economic development efforts, visit www.iedc.in.gov.
