Evansville, Indiana has more than just traditional incentives to offer. We combine creative thinking with a “What Will It Take?” attitude to successfully locate in Greater Evansville. Contact us, or better yet; visit us! We'll show you the Evansville Difference first-hand.
We Are The Source
When contacting us, you won't be referred to another source to discuss local incentives; we are the source. The Growth Alliance fully administers Tax Phase-In and Compliance reporting for the City of Evansville and Vanderburgh County, Indiana. We're happy to assist your company with the application process, scoring and filing of resolutions. We'll also present your qualifying project before the appropriate governing body with a recommendation for incentives. FROM START TO FINISH, WE'RE HERE FOR YOU!
Real and Personal Property Tax Phase-In
Property owners in a locally-designated Economic Revitalization Area (ERA) who make improvement to the real property or installs eligible new or used personal property (such as manufacturing equipment and/or qualifying research and development equipment) are eligible for property tax abatement. The number of years of tax phase-in is based on scoring of criteria such as capital investment, jobs created and wages.
Personal Property Tax Phase-In: A property tax deduction from the assessed valuation granted by a designating body for the installation of qualifying abatable equipment in an Economic Revitalization Area (ERA)
Real Property Tax Phase-In: A property tax deduction from the assessed valuation granted by the designating body for the construction of a new structure or a rehabilitation of property in an Economic Revitalization Area (ERA) *Land is not included
State of Indiana Tax Credits
A number of state tax credits are available:
Hoosier Business Investment Tax Credit – Provides credit toward a company’s state taxes. The amount of the credit is calculated by the Indiana Economic Development Coalition, and is based on the company’s proposed capital investment and the economic benefits of that investment.
Industrial Recovery Tax Credit – An incentive for companies to invest in facilities requiring significant remodeling. A building is first designated an industrial recovery site, then companies may qualify for tax credit equal to a percentage of rehabilitation expense.
Headquarters Relocation Tax Credit – Corporations relocating their headquarters to Indiana are eligible for a state tax credit equal to half the moving costs. Eligible corporations will have $100 million or more in annual worldwide revenue the year prior to application, and 75 employees in Indiana after relocation.
Venture Capital Investment Tax Credit – Investors providing qualified debt or equity capital to fast-growing Indiana companies receive a credit that applies toward their Indiana income tax liability.
Tax Increment Financing (TIF)
Tax Increment Financing Funding – Property taxes generated from new construction in a designated area that are set aside by the local government and reinvested in the area to promote development.
New Incentive for Investing in Low-Income Areas (map).
Opportunity Zone designation encourages investment in the City of Evansville by providing a long-term tax advantage to individuals who invest realized capital gains in projects within a zone.
Enterprize Zone Incentives
Tax deductions and credits are available for businesses located within designated Enterprise Zones.
Training or funding for training to provide skills for new or existing employees.
Grants and loans for roads, rail spurs, and water and sewer lines.
Additional incentives may be available including on-the-job training programs, recruitment assistance, applicant screening, and job profiling.
Economic Development for a Growing Economy (EDGE)
EDGE is a refundable tax credit that can be offered in situations where Indiana is competing against another state or country for a company’s site location investment. EDGE credits are calculated as a percentage of payroll tax withholding for net new Indiana jobs. The company must commit to maintaining operations in Indiana for at least two years beyond the term of its EDGE award.
Vectren Business Rebates and Incentives
Identify savings opportunities, available rebates and incentive plans.
Startup Office Space
We recognize that speed, flexibility, and reduced risk are valuable to new location startups. As property managers of Innovation Pointe, we have the unique ability to offer low-cost and immediate startup space in the heart of Downtown Evansville. We'll gladly provide your business a fully-equipped office space within 24 hours of choosing Evansville; furnished with phones, internet access, wireless connectivity, mail service, garage parking and more! Your office at Innovation Pointe will serve as the perfect location while you finalize plans to construct, renovate, and/or equip your new location in Evansville.
Contact us today, to get started!