Business Friendly States: Indiana in Profile
Every state in this country is subject to specific laws relating to how businesses operate. As you compare the states, you may find that some offer more favorable laws, rules, and regulations than others. If you are considering starting a business, or if you are considering relocating to a different state, you may want to look for a place to start your business where you will have the most benefits.
The Benefits of Indiana for Businesses
Indiana is ranked as the 18th best state for businesses according to CNBC, and according to Forbes, Indiana ranked 16th.
Located in the Midwest, with a climate that experiences all four seasons, Indiana is known for its large agricultural industry, however industrial and manufacturing commerce are also thriving. One of the less appealing aspects of Indiana is its high sales tax, which is at 7%. This is not the highest in the country, but it is considered to be in the highest tax bracket when compared to all of the states.
Tax Incentives in Indiana
Indiana offers a range of different credits that could be advantageous to your business. One of these is a flat corporate tax rate. This means that all corporations pay the same rate, and this is a great incentive for large companies. In Indiana, you will not have to pay an inventory tax either. Indiana has also recently lowered some of its tax rates, and they will continue to do so over the next few years.
The state of Indiana will also reward you if your company creates new jobs and invests money in this state. There are grants available for training of employees, as well as many other types of grants your company may be eligible for. One of the programs designed to benefit companies that create new jobs is called the Hoosier Business Investment Tax Credit. To qualify, you will have to meet certain conditions, and these involve the type of business you are starting, the amount of money you are investing, and the number of jobs it will create.
If a business relocates to Indiana, the business may be entitled to a tax credit called the Headquarters Relocation Tax Credit, HRTC. This credit is based on a company's gross revenues and the number of employees it has on staff.
Indiana is a state that rewards businesses for their work, offering dozens of programs designed to help companies start up their businesses, but it does not stop there. Indiana offers incentives to existing businesses too, and this encourages companies to stay within the state rather than heading elsewhere. Indiana is a state certainly worth considering for your new or existing business ventures.