Victories came in all forms. Generally, though, your Indiana Chamber is proactively pushing for legislation that will better the state’s business climate and workforce. Wins, however, can also be borne out of defeats, as was the case this time with the moratorium on new power plants that would have raised energy costs for all ratepayers.
We encourage you to review our 2019 Policy Victories document; it’s a collection of the top results for the Hoosier business community. For these issues, the Chamber took an active role in achieving the outcome most desired by our member companies.
The nearly 20 policies listed fall into three categories: the cost and ease of doing business; entrepreneurism and innovation; and workforce attraction and development.
A few of the highlights:
Great strides were taken to make existing tax credits stronger and more appealing.
An investor can now transfer all or part of a Venture Capital Investment (VCI) Tax Credit, subject to certain limitations, beginning in July 2020. By making the credit transferable, any investor who receives the VCI credit can sell it for cash.
High-potential small businesses – those that receive $4 million or more in venture capital – are eligible for a refundable Headquarter Relocation Tax Credit (a standard credit is nonrefundable). The credit is available for a company contractually agreeing to relocate either its headquarters or 80% of its payroll to Indiana.
More progress on skilling up Hoosier workers and engaging the employment sectors.
An increase in the state’s investment in the Next Level Jobs training grants will assist employers in retraining their employees in high-growth areas and individuals to become knowledgeable in a high-demand field.
The Employer Aid Readiness Network (EARN) Indiana program was expanded to high school students in addition to college. EARN Indiana provides financial assistance to employers who provide paid internships for qualified Hoosier students.
Further enhancement of Indiana’s strong tax climate.
Double taxation is gone! Companies located in Indiana that do a lot of out-of-state business can look forward to paying one tax – to wherever the delivery of the services occurs.
Upping the business personal property tax exemption threshold to $40,000 translates to more small businesses not having to pay the tax on machinery and equipment.
For the full list of how the Chamber assisted Hoosier businesses in the 2019 legislative session, as well as leading policy successes over the past 17 years, go to www.indianachamber.com/policy-advocacy/policy-center/.