Posey County Welcomes Your Business!
Posey County is a dynamic area in Southwestern
Indiana that welcomes your inquiries for the relocation, or expansion,
of your business. Posey County is home to General Electric's Plastics
Division (manfacturer of a major portion of the world's CD and DVD
stock, lexan, and plastics for numerous industries), Ports of Indiana-Mt.
Vernon (one of the 3 international ports of Indiana), GAF Materials
Corp., Pearison Inc. and many other technologically advanced industries.
By locating in Posey
County, your company gains a central location in an area offering
a superior quality of life. The low cost of living is just an additional
Posey County is bordered by the beautiful
Ohio River to the south, the picturesque Wabash River on the west
by, and Interstate 64 to the North. Posey County is tucked into
the extreme southwestern tip of Indiana, and is a paradise of water
sports. Over seventy-five miles of shoreline marked with beautiful
trees or lush agricultural fields, offers a scene to be seen by
Vernon is the County seat.
County encompasses 410 sq. miles (1,062 sq. km.), while Evansville
MSA, to the east is 1,485 sq. miles (3,846 sq. km.).
Posey County is part of the Evansville,
Indiana Metropolitan Statistical Area. Evansville is the third largest
city in the state of Indiana. For up to date, detailed statistical
information on the Evansville MSA, click
here. Additional comprehensive information on the Evansville
area is available on the Vision-e
demographic information for Posey County is available on the statistical
pages of the state of Indiana by clicking
Posey County has six physicians who are
associated with Evansville hospitals, two orthopedic specialists,
one cardiologist and one podiatrist. There are six dentists, four
optometrists and two chiropractors. Intermediate care and skilled
care facilities can also be found in Posey County. Evansville has
a state- of- the -art health care delivery system with more than
500 practicing physicians and 26 fields of medicine, including an
occupational medical focus. Deaconess Hospital, one of the top 100
cardiovascular hospitals in the nation, and St. Marys Hospital offer
the area the highest level of care at a fraction of the national
average. Life flight helicopter from Posey County is available to
In Indiana there are two basic corporate taxes
- Income and Property. Unlike some other States Indiana has no Franchise
Tax, Intangibles Tax, Accounts Receivables Tax, or Employment Tax.
Recent tax reform in the state of Indiana has greatly enhanced the
attractiveness of doing business in Posey County.
Highlights of the 2002 tax restructuring include:
- Reduction of both business and personal property taxes
- Elimination of inventory and gross receipts taxes
- Doubling of the Research and Development (R&D) tax credit, making it the sixth highest in the nation
- Establishing new venture capital tax credits
- Creating certified technology parks throughout the state
Indiana Department of Commerce, 2002 Annual Report Message
from (then) Lieutenant Governor Joseph Kernan
Corporate Income Tax
estimating purposes, our corporate income tax rate is 8.5% of the
Indiana portion of the Federal Adjusted Gross Income. Indiana no
longer has a gross income tax.
uses a four part apportionment formula (Property, Payroll, and a
double weighting of Sales) to determine the Indiana portion of Federal
Personal Income Tax
of Adjusted Gross Income; $1,000 per person exemption.
None in Indiana
Sales and Use Tax
6% - Raw materials and energy used in manufacturing
are exempt from sales tax
New Employer rate (in place the first three
years of business) $189 per employee per year. Indiana's average
after first 3 years - $119 per employee per year.
At $1.85 per $100 of payroll Indiana ranks
2nd in the nation in Workers Compensation costs.
When calculating property taxes, multiply
the assessed value times the net tax rate. To each property taxpayer
the State of Indiana will rebate a percentage of taxes back to the
taxpayer; this is called the State Property Tax Replacement Credit
(SPTRC). The net property tax rate is the gross rate minus the SPTRC
Average Net Real Property Tax Rate
1.7105% ($1.71 per $100 assessed valuation)
(With Ten-Year Abatement the average annual Effective Real Property
Tax Rate is .8638% (.008638).)
Average Net Personal Property Tax
1.9687% ($1.97 per $100 assessed valuation)
(With Ten-Year Abatement the average annual Effective Equipment
Property Tax Rate is .2559% (.002559).)
Real Property Tax
In 2003 Indiana went to a market-based
real property valuation.
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Personal Property Taxes
Indiana employs an accelerated depreciation
schedule for the assessment of equipment. Full depreciation in Indiana
is 30%. Most manufacturing equipment is fully depreciated within
five years. Note: 10-year property tax abatement will be granted
for manufacturing equipment.
equipment brought to Indiana is eligible for full property tax abatement.
Indiana values used equipment according to its age using the accelerated
equipment, such as dies and molds, is assessed at 1% of its cost
by year two.
Inventory Property Tax
Inventory taxes will be eliminated by
the end of 2006.
In Indiana there is no State franchise/corporation
tax. In some States this is a tax on the total capital employed
within the state including building and equipment costs.
In Indiana there is no accounts receivables
In Indiana there is no accounts payable
Local Income Tax
In Indiana there are no local corporate
County Income Tax
In Indiana there are no county corporate
Source: Hoosier Energy - Peter
Lieber: June 2004
Additional Links of
Interest for tax information:
Department of Commerce Tax Restructuring 2002
Department of Commerce Indiana Tax Information
Department of Commerce Economic and Demographic Profile
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financial benefits can be sought if you select Posey County as the
site for your next project. The Posey County Chamber will work with
city and county officials, state governmental entities, as well
as utility providers to find those resources which most closely
fit your company's needs.
Once the parameters of your company's project
are known, the Posey County Chamber will work to put together the
best cost-savings plan available. Various incentives that may be
utilized toward your project include: (Note: some of the following
are linked to the governement information about the program. Clicking
on the link will open a new window in your browser.)
Tax Increment Financing
Posey County's TIF funds allow for continued
infrastructure development, as well as new construction, property
acquisition and training. The amount of revenue available is dependent
upon your company's investment. To leverage the property tax revenue,
tax-exempt or taxable bonds may be issued in support of the project.
The bonds are then retired through property tax revenue generated
by the project and/or the TIF district.
Tax Abatement in Posey County is offered to
the maximum extent of the law. Prior to construction, a program
is set up that will phase in the increase in property taxes that
result from investments in industrial buildings, land, machinery
and equipment. The gradual increase occurs over a span of up to
Your company may qualify for a state
tax credit known as EDGE. This credit is based on payroll and allows
individual income tax withholdings from company employees to be
credited against the company's Indiana corporate income tax liability.
Excess withholdings are refunded to the company. These credits can
be awarded for up to 10 years.
Business Investment Tax Credit
The State of Indiana offers a 30%
credit on a qualified capital investment made by a taxpayer. Capital
investments include purchase/upgrade manufacturing equipment, telecommunications
equipment or computers. Also included is the construction of buildings
for fuse in computer, software, biological sciences or telecommunications
Capital Tax Credit
Investors in Indiana businesses may
be eligible for a tax credit equal to 20% of the investment. These
credits are authorized by the Indiana Department of Commerce up
to $10 million per year.
and Development Tax Credit
Some Indiana businesses may claim
a 10% credit on taxes for investment in research and development.
This percentage will remain in effect until 2013.
A tax credit of $1 per gallon is
available for all biodiesel produced in Indiana and used to produce
blended biodiesel. A tax credit of 2 cents per gallon is available
on blended biodiesel produced in Indiana. Finally, a tax credit
of 1 cent per gallon is available on blended biodiesel sold through
a metered pump at a service station.
Ethanol Tax Credit
Indiana facilities that produce ethanol
are eligible for a 1.25 cents per gallon tax credit.
Aircraft Tax Credit
Aircraft operated by a business entity
that has its corporate headquarters in Indiana are exempt from the
property tax. Also, property tax deductions are available to owners
of aircraft used to transport people or property between a qualifying
medium hum airport and at least two qualifying underserved airports.
Inventory Tax Exemption
Finished goods awaiting shipment to
an out-of-state destination are usually exempt from inventory tax.
Typically, the amount of the exemption is determined by applying
the percentage of the location�s total shipments to out-of-state
destinations during the previous year.
for Capital Projects
Available through the Ports of Indiana,
corporations and developers with investment-grade credit that wish
to expand may seek financing assistance. This assistance is available
to qualified candidates regardless of their proximity to or usage
of Indiana's ports.
Posey County and the State of Indiana
can both provide training dollars to help get your new or expanded
facility staffed with a trained workforce. Grants for up to 50 percent
of eligible training costs are available. Awards for retraining
can reach up to $200,000. Also, up to 75 percent of related costs
may be reimbursed for companies seeking to become QS-9000 certified.
Grants and loans are available from
the State of Indiana for infrastructure improvements such as funding
for roads, rail spurs, water lines and sewer lines.
Century Research and Technology Fund
Businesses or individuals looking
to develop or commercialize advance technologies can turn to the
21st Century Research and Technology Fund for assistance. Awards
have been awarded in fields including bioengineering, life sciences,
pharmaceutical science, agriculture, advanced manufacturing and
additional information on any of the above incentive programs, please
contact the Posey County Chamber
of Commerce (812-838-3639)
Links of Interest for Incentives:
Department of Commerce Tax Incentives
Department of Commerce Incentives
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Posey County Chamber of Commerce
PO Box 633 915 E. 4th Street, Mt Vernon, IN 47620-0633
Tel: 812-838-3639 Fax: 812-838-6358 E-mail: firstname.lastname@example.org