Business Incentives in Steuben County
Steuben County offers significant incentives to potential businesses, including Property Tax Abatements, Opportunity Zone incentives, Foreign Trade Zone incentives, and more. With a strategic regional location and several local and statewide economic incentives, Steuben County is committed to offering businesses the financial tools they need to make a project successful.
Property Tax Abatements
The Steuben County Economic Development Corporation helps facilitate this process for businesses. Businesses can apply for a real or personal property tax abatement. Tax abatements are approved by the local governmental bodies.
A real property tax abatement is a tax deduction from the assessed valuation granted for constructing a new structure or rehabilitating property in an economic revitalization area (ERA).
A personal property tax abatement is a tax deduction from the assessed valuation granted for installing qualifying equipment in an ERA. The equipment that qualifies for a personal property abatement includes the following:
- Research & Development
- Information Technology
- Logistical Distribution
Steuben County Opportunity Zone
Steuben County has one Opportunity Zone in Angola. Opportunity Zones provide tax-based incentives for equity, partnership, and property investment investments throughout designated census tracts. Simply, businesses and individuals investing within these zones may be eligible to defer or eliminate federal taxes on capital gains.
Foreign Trade Zone Incentives
Steuben County also fails within Foreign Trade Zone (FTZ) 182. A company can apply to be an FTZ Operator, allowing businesses to defer or even avoid payment of import duties and often enjoy a lower tariff rate. If a company imports or purchases foreign goods from a domestic supplier, operating within an FTZ can be highly advantageous for your bottom line.
Additional Local and Statewide Incentives
Steuben County and Indiana offer incentives designed to help businesses thrive and grow throughout the county. You can find other local and statewide incentives below:
- Economic Development for a Growing Economy Tax Credit
- Hoosier Business Investment Tax Credit
- Headquarters Relocation Tax Credit
- Community Revitalization Enhancement District Tax Credit
- Industrial Development Grant Fund
- Patent Income Exemptions
- Research & Development Tax Credit
- Elevate Ventures
- Next Level Jobs