Business Information for Knox County Indiana

Companies located in Knox County maximize profits and minimize costs by taking advantage of the area's excellent operating environment. They benefit not only from the region's central location, but also from the skilled workforce, low utility rates, and low costs of doing business.

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Business Incentives
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.

• Industrial Development Infrastructure Program (state incentive)
  This program is designed to assist communities in providing necessary public infrastructure capable of attracting and supporting new business investment. Grants and loans are awarded to communities on behalf of a new or expanding industry.
• Skills 2016 (state incentive)
  Indiana's Skills 2016 program is composed of the State's diverse training and educational programs designed to provide financial assistance to existing and new businesses committed to offering lifelong learning and training opportunities to their workforce.
• Indiana Strategic Development Fund (state incentive)
  The Indiana Strategic Development Fund is designed to promote economic prosperity and employment throughout Indiana by offering a source of funding for cooperative development projects. A cooperative development project must be jointly performed by two ore more Indiana businesses. These cooperative projects could be marketing programs, including export development; technology development or deployment projects; and cooperative administrative projects including human resources management, information management, or payrolling; and, training programs for current or prospective workers.
• EDIT funds (local incentive)
  Over $500,000 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 following exemptions or abatements may be available from the local governmental taxing unit:
  • Real Property
    New buildings and improvements or increases in assessed value on remodeled or renovated structures can be abated over a period of ten years. Land does not qualify for abatement. The amount of deduction is determined by the following table.
    

    Year of Deduction	Percentage
    1st	100%
    2nd	95%
    3rd	80%
    4th	65%
    5th	50%
    7th	40%
    8th	30%
    9th	20%
    10th	5%
    11th and thereafter	0%

  • Equipment and Machinery
    Manufacturing equipment, new to the State of Indiana, installed in an approved economic revitalization area qualifies for a deduction from assessed value over a ten year period. The amount of deduction is determined by the following table.

Industrial Revenue Bonds
Industrial Revenue Bonds are available through state or local governments.

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.

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Cost of Doing Business
The overall cost of doing business is lower in Indiana than in the surrounding Midwest states. The state's pro-business attitude, conservative fiscal management, reasonable tax rates, low unemployment insurance and workers compensation rates make Indiana an excellent location for all types of businesses.