Get the support of private and public partnerships that work together with leaders in government, community and business to secure local, state and federal assistance to help you succeed in Bloomington.
Grow your business in Bloomington with:
Tax Credits
Workforce Training
Grants
Local Assistance
Tax Abatement
Loans
Contact the BEDC to learn about incentives available for your project.
Economic Development for a Growing Economy (EDGE): 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 credits may be awarded for a period of up to 10 years. More information can be found at http://www.in.gov/iedc/196.htm.
Hoosier Business Investment Tax Credit (HBI): This 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 by the Indiana Economic Development Corporation, based on an analysis of the economic benefits of the proposed investment. More information can be found at http://www.in.gov/iedc/200.htm.
Community Revitalization Tax Credit: This program encourages capital investment and jobs creation within a Community Revitalization Enhancement District (CRED). The credit toward a taxpayer's state and local income tax liability and is 25 percent of the qualified investment made by the taxpayer within the CRED. The City of Bloomington operates two of these districts, one in the downtown area and the other in a growing employment center.
To see the City of Bloomington's downtown CRED, please visit:
http://bloomington.in.gov/media/media.php?media_id=1057;size=original
To see the City of Bloomington's Thomson CRED, please visit:
http://bloomington.in.gov/media/media.php?media_id=1060;size=original
Headquarters Relocation Tax Credit: When a business relocates its corporate headquarters (defined as the location of the principal office of the principal executives) to Indiana, it is entitled to a credit against its state tax liability equal to half of the costs incurred in relocating the headquarters. A company must have worldwide annual revenue of at least $100 million to qualify. More information can be found at http://www.in.gov/iedc/198.htm.
Venture Capital Investment Tax Credit: The Venture Capital Investment Tax Credit was 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 income tax liability. More information can be found at http://www.in.gov/iedc/204.htm.
Industrial Recovery Tax Credit: The Industrial Recovery tax credit provides an incentive for companies to invest in facilities requiring significant rehabilitation or remodeling expense. After a building has been designated as an industrial recovery site, companies may be eligible for a tax credit calculated as a percentage of qualified rehabilitation expense. More information can be found at http://www.in.gov/iedc/202.htm.
Skills Enhancement Fund: The Skills Enhancement Fund (SEF) provides financial assistance to businesses committed to training their workforce. Trainees must be Indiana residents. SEF reimburses eligible training expenses over a two-year term. Companies may reapply for additional SEF funds after their initial two-year term. Companies can receive reimbursement ? up to $200,000 ? for retraining existing workers. Supplemental grant awards may be available for training new employees. More information can be found at http://www.in.gov/iedc/209.htm.
Technology Enhancement Certification for Hoosiers (TECH): The Technology Enhancement Certification for Hoosiers (TECH) Fund is a reimbursement grant program designed to help companies meet the demands of the new IT economy by increasing the number of certified information technology workers in Indiana. More information can be found at http://www.in.gov/iedc/211.htm.
Training Acceleration Grant (TAG): TAG provides financial assistance to companies and organizations committed to expanding the skills of their existing workforce through training that result in a transferable and industry-recognized credential. The TAG may be awarded in amounts up to $200,000 for terms of two years or less. More information can be found at http://www.in.gov/dwd/2698.htm.
p>
21st Century Research and Technology Fund: The Indiana 21st Century Research and Technology Fund was created to stimulate the process of diversifying the State's economy by developing and commercializing advanced technologies in Indiana. Detailed information can be found at http://www.21fund.org/.
Industrial Development Grant Fund: This grant provides money to local governments for off-site infrastructure projects associated with an expansion of an existing Indiana company or the location of a new facility in Indiana. State funding through the IDGF program must be matched by a combination of local government and company financial support. Detailed information can be found at http://www.in.gov/iedc/157.htm.
Small Business Innovation Research Initiative: The Small Business Innovation Research (SBIR) and its sister program, the Small Business Technology Transfer program (STTR), are highly competitive and encourage small businesses to explore their technological potential. SBIR/STTR funding is available from 11 participating agencies throughout the United States and focuses on various technological areas. More information can be found at http://www.in.gov/iedc/sbir.htm.
Local Assistance
Community Revitalization Enhancement District (CRED): The CRED allows the City of Bloomington to capture increased sales and income tax dollars, generated by new investment within the CRED, to use for economic development purposes. These revenues have been used for infrastructure improvements or to reimburse capital investments made by businesses developing within the CRED. The City of Bloomington operates two of these districts, one in the downtown area and the other in a growing employment center.
To see the City of Bloomington's downtown CRED, please visit: http://bloomington.in.gov/media/media.php?media_id=1057;size=original
To see the City of Bloomington's Thomson CRED, please visit: http://bloomington.in.gov/media/media.php?media_id=1060;size=original
The City of Bloomington and Monroe County have elected to provide tax abatement for both new and existing companies that are creating jobs, retaining jobs and making a new investment in real and/or personal property. Under state law, local governments have the option of granting tax abatement for up to 10 years. On average, tax abatement can provide nearly 50 percent savings from property taxes over the life of the abatement.
Incentives within the Urban Enterprise Zone: To see an enterprise zone map, please visit: http://bloomington.in.gov/media/media.php?media_id=1050;size=original
- Enterprise Zone Investment Deduction (EZID): The EZID is a 79 percent, 10-year deduction on the increased property taxes resulting from the increased property value within the Bloomington Urban Enterprise Zone (BUEZ) following a qualified investment.
- Investment Cost Credit: An individual purchasing an ownership interest in a Zone business may be eligible to receive a tax credit of up to 30 percent of the purchase price.
- Loan Interest Credit: A taxpayer may take a credit of 5 percent of the interest income received from a qualified loan made to a Zone business or resident. The loan must apply to purposes directly related to the business or increase the assessed value of real property in the Zone.
Tax Increment Financing: Monroe County is home to some of the most successful Tax Increment Financing (TIF) districts in Indiana. The City of Bloomington and Monroe County have invested millions on infrastructure improvements to help companies grow and create jobs. Exciting opportunities are on the horizon of Monroe County's newest TIF located at the corner of Highway 37 and Highway 46.
To see the City of Bloomington's TIF districts, please visit: http://bloomington.in.gov/media/media.php?media_id=1063;size=original
To see a map of Monroe County's TIF districts, please visit: http://www.co.monroe.in.us/commissioners/images/TIF%20map%202007.pdf
Tax-exempt Bonds: These debt instruments, often called Private Activity Bonds, Industrial Revenue Bonds or Industrial Development Bonds, are issued by state or local governmental entities for the benefit of a private company, usually manufacturers. Interest on the bonds is generally exempt from federal income taxes for investors, which typically results in lower long-term interest rates to the borrower. More information can be found at http://www.in.gov/ifa/2447.htm.
Loan Guaranty Program: Indiana's economic development agency, the IEDC, can provide a loan guaranty to a lender for the benefit of a high-growth/high-skilled company, manufacturer, rural development project, value-added agricultural enterprise or another type of business that creates or retains a significant number of Hoosier jobs. More information can be found at http://www.in.gov/iedc/174.htm.
Capital Access Program: The Capital Access Program (CAP) is a small business credit enhancement program that creates a specific cash reserve fund for the lender to use as additional collateral for loans enrolled in the Program. CAP allows lenders to consider loans that might not meet conventional lending requirements. More information can be found at http://www.in.gov/iedc/171.htm.
