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Indiana Enterprise Zone Credit

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Indiana Enterprise Zone Credit

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About enterprise zone credits
Certain areas within Indiana have been designated as enterprise zones. Enterprise zones are established to encourage investment and job growth in distressed urban areas. Current enterprise zones are located in portions of the following cities/locations:
Bedford, Hammond, New Albany, Bloomington, Indianapolis, Portage, Connersville, Jeffersonville, Richmond, Elkhart, Kokomo, River Ridge Dev. Auth., Evansville, Lafayette, Salem, Fort Harrison, LaPorte, South Bend, Fort Wayne, Marion, Vincennes, Frankfort, Michigan City, Grissom, Aeroplex, Mitchell
Use this Web site to look up contact information for a particular enterprise zone: www.in.gov/dor/3621.htm
In addition, see enterprise zone maps at www.in.gov/dor/3622.htm
The following are eligible to claim the enterprise zone employment expense credit and/or the enterprise zone loan interest credit:
  - Sole proprietors who operate and/or invest in a business located in a zone.
  - Partnerships.
  - S corporations.
  - Fiduciaries.
  - Pass-through entities.
Contact the Indiana Economic Development Corporation, One North Capitol, Suite 700, Indianapolis, IN, 46204, or visit their Web site at www.in.gov/iedc for more information about these credits.
Following are the three available enterprise zone credits:
  • Enterprise zone employment expense credit
    This credit is based on qualified investments made within Indiana. It is the lesser of 10 percent of qualifying wages, or $1,500 per qualified employee, up to the amount of tax liability on income derived from the enterprise zone.
  • Enterprise zone investment cost credit
    This credit is based on qualified investments made within Indiana. It can be up to a maximum of 30 percent of the investment, depending on the number of employees, the type of business and the amount of investment in an enterprise zone.
  • Enterprise zone loan interest credit
    This credit can be for up to five percent of the interest received from all qualified loans made during a tax year for use in an Indiana enterprise zone.

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Views: 746 Created on: Jun 15, 2013
Date updated: Aug 14, 2015
Posted in: STATES, Indiana

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