Incentives for doing business in Knox County Indiana
The Knox County Development Corporation works aggressively to help meet the locational needs of the client both during the site selection process and after the locational decision is made. The KCDC provides continued support to the prospect after the location and is prepared to aid with programs such as spousal employment network, comprehensive loan program for relocating employees, and providing temporary office space and support.
Since every company's needs are different, all incentives offered in Indiana are project specific. Thus, "package deals" are not available putting the focus on the needs of each individual customer. Listed below are incentives which might be available for your project in Knox County.
- 21st Century Research and Technology Fund - Elevate Ventures
The IEDC SBIR office was formed for just that mission—to help Indiana businesses compete for and win federal funding. Additionally, the IEDC SBIR Initiative is committed to assisting Indiana businesses in the commercialization of their prototypes and understands the impact that these companies can have on the economy. This, coupled with the matching program of the 21st Century fund, will provide Indiana companies with the fuel needed to excel in the SBIR/STTR programs.
- Industrial Development Grant Fund (IDGF)
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.
- Small Business Innovation Research Initiative (SBIR/STTR)
The Small Business Innovation Research (SBIR) — along with 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.
- Skills Enhancement Fund (SEF)
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. IEDC typically does not provide reimbursement for training that is required by law.
- EDIT funds (local incentive)
Over $300,000 per year from Vincennes/Knox County for Industrial Development.
- Tax Abatement (local incentive)
Tax abatement is offered by the local governmental taxing unit on real property and equipment. Real property can qualify for a three year, seven year or ten year abatement on new buildings and improvements or increases in assessed value on remodeled or renovated structures. Land does not qualify. Manufacturing equipment (new to the State of Indiana) qualifies for a deduction from assessed value over a ten year period. Equipment not used in direct production, such as office equipment, does not qualify. The amount of deduction, if granted, is determined by the County Council or City Council.
- Industrial Revenue Bonds
Industrial Revenue Bonds may be available through state or local governments.
For detailed information on incentives available for starting or expanding a buisness in Indiana, click here.
Want to know what your Abatement might look like? Try Hoosier Energy's Abatement Tool.