Doing Business Here
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We’re confident you’re going to enjoy doing business here in Allen County. Businesses like these have used our services to help expand their operations because they like doing business in our community:
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Indiana Tax Information
- No gross receipts tax in Indiana · No inventory tax
Corporate Income Tax
- Currently at 8.0% with reductions of .5% each year resulting in a 6.5% tax rate by 2015 · Simplifies tax calculations for corporations · Does not apply to S corporations or not-for-profit corporations
- Calculates the Indiana portion of an interstate or international corporation’s taxable income solely on the basis of that corporation’s Indiana sales · Factors in the Indiana portion of a corporation’s property and the proportion of its employees in Indiana · Being phased in now – will be completely phased in by 2011
Sales and Use Tax
- Calculated at a rate of 7% · Exempted in manufacturing: raw materials, equipment, power, electricity, utilities · Also exempted: wholesale sales, items used directly in production, sales made in interstate commerce, the purchase of research & development equipment
- Both real and personal property (including business equipment) are assessed at 100% of market value. Property tax rates per $100 of assessed valuation vary between taxing districts. There are also property tax "circuit breaker" caps in place (included in the State Constitution): 1% of gross assessed valuation for owner-occupied residences; 2% of gross assessed valuation for all other residential properties and farmland; and 3% of gross assessed valuation for commercial/industrial real property and all taxable personal property. Substantial deductions from gross assessed valuation are available for owner-occupied residential property and property tax liability can be phased-in for certain business real and personal property investments ("tax abatement"). Indiana exempts inventory from property taxation.
Research and Development Tax Credit
- Also known as Research Expense Tax Credit · Based on increase in Indiana R&D over prior 3-year base · Research expenses in base year must be at lest half of research expenses in current year · Credit amounts to 15% of qualified research expenses on first $1 million of investment · Credit applied against income tax liability and may be carried forward for 10 years · No carryback · Credit non-refundable · Program operates under Department of Revenue · Uses Internal Revenue Code definition of “qualified research expense” (which includes costs of wages and supplies)
Patent Income Exemption
- Taxpayers exempt from certain income derived from qualified utility and plant patents · Qualified taxpayers eligible for an exemption of 50% of patent income for each of first 5 years · Exemption percentage decreases over next 5 years to 10% in 10th year · Total amount of exemptions claimed by taxpayer may not exceed $5 million per year · This benefit available only to companies with 500 or fewer employees
Individual Income Tax
- Indiana personal income tax 3.4% of federal adjusted gross income (with certain exemptions and deductions)
Contact The Alliance - We’ll show you more reasons why you’ll like doing business here.