Home > Uncategorized > New incentive to help economic development

New incentive to help economic development

Editorial by Joy Sessing Published in the Sunday, January 16, 2011
The Herald-Times

Most municipalities and counties throughout Indiana have at least one incentive for helping existing industries grow and attracting new ones to their area. That incentive is a phase-in of property taxes on qualified real and personal property, better known as tax abatement.

The Morgan County Council became more proactive, recently enacting an innovative new local economic development incentive. That incentive is the Morgan County Economic Development for a Growing Economy program. This ground-breaking piece of local economic development incentive legislation was authored by council member Jeff Quyle.

What the program does is give a qualified existing business that’s expanding or a new company a refund of the county’s Economic Development Tax (set at 0.2 percent in Morgan County) for new employees who are Morgan County residents. Basic parameters for qualification are: A firm making a new location in the county must bring at least 10 new jobs; or an expansion by a company that already has a business in the county must create at least seven new jobs.

The Economic Development for a Growing Economy program is intended to provide an incentive payment to a qualified employer who creates new jobs in Morgan County that are filled by Morgan County residents. The amount of the incentive payment will be determined by the utilization of a decision matrix. A company can find out how much of this incentive funding they may qualify for by contacting the Morgan County Economic Development Corp. by e-mail at mcedc@ morgancoed. com or by calling 317-831-
9544.

In order for a qualified employer to receive an incentive payment, the award of the new tax incentive must be approved by the Morgan County Council prior to filling the jobs that qualify for the program.

There are provisions in the ordinance passed by the Morgan County Council for an annual audit of the qualified employer prior to the transfer of an incentive payment to them.

The great thing about the new business incentive program is that it is for both existing Morgan County businesses and new ones that choose to locate in the county. Additionally, it is available for both small and large companies. And it shows Morgan County leadership is serious about economic growth here.

 
Joy Sessing is economic development director for Morgan County. Next week, Mike Gentile, executive director of Crane Technology, Inc., discusses the impact of the Crane Naval Surface Warfare Center on the regional and state economy.

 

Copyright: Heraldtimes.com 2011

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Categories: Uncategorized
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