Leveraging Opportunity Zones in Northeast Indiana
Federal Incentive Program Offers Tax Benefits
With nearly $900 million worth of transformative projects planned for the next decade, Northeast Indiana is in the midst of a major transformation and now is just the tipping point.
At a time when other states are raising taxes to keep up with mounting state debt, Indiana’s long history of smart fiscal choices, balanced state budgets and cash reserves in a rainy-day fund puts the Hoosier State in a position to actually lower taxes.
Indiana’s corporate income tax rate is steadily decreasing each year, from the current 5.75% to 4.9% by 2021.
In Northeast Indiana collectively, the state’s $42 million matching grant through the Regional Cities Initiative has been turned into $258 million of new, quality of place amenities and throughout all 11 counties. The region’s commitment to private-public partnerships and collaboration has resulted in the development of new apartment buildings, condominiums, event centers, trails and more. In 2018 alone, nearly 1.6 billion in building permits were issued regionally.
Already, the word is getting out that Northeast Indiana is the place to do business, thanks to features in national news outlets like the Wall Street Journal, Bloomberg, CNN Business and Chief Executive.
As we continue to build upon this momentum, Northeast Indiana is leveraging the power of Opportunity Zones to maximize business investment. Click here to read a story about 10X and its investment in Opportunity Zones in Wabash County.
The Tax Cuts and Jobs Act of 2017 established the Opportunity Zones (OZ) program, an economic development tool aimed at catalyzing new, long-term investments and development in economically challenged urban and rural communities across the country.
Northeast Indiana includes 17 Qualified Opportunity Zones in seven of the region’s counties including Adams, Allen, DeKalb, Huntington, Steuben, Wabash and Wells.
With momentum—and national recognition—at an all-time high, now is the time to invest in Northeast Indiana. Transformation is happening here, and businesses can benefit from investing in Northeast Indiana’s future today. =
Learn More about Opportunity Zones
To better understand how to leverage this new investment tool, the Northeast Indiana Regional Partnership and Greater Fort Wayne Inc. hosted “Leveraging Opportunity Zones,” an informational event that featured input from Katz, Sapper & Miller, Barrett McNagny, the Indiana Economic Development Corporation, NCT Ventures, 10x Engineered Materials and the City of Fort Wayne. The event was sponsored by First Federal Bank. Click here to read a press release recapping the event.
To learn more about leveraging Opportunity Zones, please watch the webinar below.
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