Lebanon, Indiana
Community Profile
Quality of Life
Cost of Living Comparisons
***** NEED to purchase or gather information elsewhere (IMPA??) - link provided is subscription **
http://www.coli.org/
State Business Climate
Right Business Environment (View All)
- Government initiatives and legislative successes have made Indiana extremely attractive to businesses looking for new investments, relocation or expansion.
- Adoption of the state-of-the-art telecommunications legislation has led to new investments in broadband and fiber optics across the state.
- Indiana’s transportation infrastructure is being dramatically improved through the “Major Moves” program, which will provide $12 billion in funding for comprehensive infrastructure improvements during the next 10 years.
- Indiana has created a state tax exemption on partial income derived from federal patents for new technology or processes. Under the law, qualified utility and plant patents are exempt from taxation on certain income derived from patents.
- Indiana recently created a state R&D sales tax credit, which provides an exemption to companies on the amount they paid in state sales taxes on research and development equipment. The credit applies to laboratory equipment, computers, computer software, telecommunications equipment or testing equipment.
- Indiana has reduced regulatory barriers to development by streamlining permit processes and by inaugurating shovel-ready sites throughout the state.
- Indiana ranks 4th in terms of the number and concentration of life science jobs, and 5th in terms of pharmaceutical sales, shipments, receipts, and revenue. (Battelle Memorial Institute, 2006)
- The world’s second-largest FedEx hub in the world is located at the Indianapolis International Airport.
- Indiana ranks 12th among states in the Small Business Survival Index. (Small Business and Entrepreneurship Council, October 2006)
- Indiana has three state-of-the-art international ports – each a Foreign Trade Zone – located on two major inland waterways.
- Indiana ranks 15th in terms of industrial R&D, according to Indiana Technology Profile. (October 2005)
Right Innovative Spirit (View All)
- A 2006 analysis of census data demonstrated that, according to four of the five metrics used for worker productivity, Indiana excelled above all of its neighboring states as well as the national average in productivity increases from 1997-2002. The 2002 census data alone showed that Indiana beat the national average and its neighbors – Illinois, Ohio, Michigan, and Kentucky – in terms of:
- Value-added per employee
- Value-added per production worker
- Value-added per payroll wage dollar - Indiana is home to ground–breaking research in such fields as bio–engineering/tissue engineering, genomics/proteomics, bio-informatics and nanotechnology.
- Indiana ranks in the Top 10 in the country for entrepreneurs. (Small Business and Entrepreneurship Council, October 2006)
- Indiana ranks 12th among states in the Small Business Survival Index. (Small Business and Entrepreneurship Council, October 2006)
- Indiana is ranked #15 in terms of the number of science and engineering degrees awarded. (National Science Foundation, 2004)
- Indiana ranks 4th in venture capital invested per deal. (PricewaterhouseCoopers, 2004)
- Purdue Research Park is the #1 university research park in the country. (Association of Research Parks)
- Indiana University’s Emerging Technologies Center is one of the fastest growing incubators in the nation.
- Indiana ranks #14 in the U.S. Economic Freedom Index. (Pacific Research Institute, 2004)
- Indiana ranks 15th in terms of industrial R&D, according to Indiana Technology Profile (October 2005).
Right Lifestyle (View All)
- Indiana is one of the least expensive places to live in the nation with housing costs well below the national average.
- The Indianapolis-Carmel MSA is tied for the title of the most affordable U.S. housing market. Indy had the top position alone for the 6 preceding quarters. (National Association of Home Builders, June 2007)
- Indianapolis is one of the 50 “hottest” cities in the U.S. (Expansion Management, February 2007)
- Indiana is home to the College Football Hall of Fame (South Bend), the largest Children’s Museum in the nation (Indianapolis), the Indianapolis Museum of Art, one the most renowned art museums in the country, and the Lincoln Museum (Fort Wayne), which houses the largest collection of Lincoln artifacts in the nation.
- Indianapolis ranks #23 in the nation in terms of arts destinations. (American Style, May 2007)
- Of the world’s top 100 theaters, based on ticket sales, three are in Indiana:
- Murat, (Indianapolis), #21
- Star Plaza Theater (Merrillville), #28
- Morris Performing Arts Center (South Bend), #38
(Pollstar magazine, January 2007) - Indiana is home of the NFL Super Bowl XLI Champion Indianapolis Colts.
- Indiana is home to the Greatest Spectacle in Racing®, the Indianapolis 500 Mile Race.
- Kokomo is one of the top 25 most affordable towns in the U.S. (CNN Money, July 2007)
- Indianapolis ranks #2 in the nation in patient satisfaction with emergency room treatment, among metropolitan areas with populations of 500,000 or higher. (2007 Emergency Department Pulse Report, June 2007)
Right Location (View All)
- Indiana is known as the Crossroads of America.
- Indiana has more than 11,000 total highway miles and is intersected by eight interstate highways – more than any other state in the nation.
- Each year, 724 million tons of freight travel the roads and highways of Indiana, making it the 5th busiest state for commercial freight traffic.
- Indianapolis is home to the second largest FedEx hub in the world.
- Indiana has initiated Major Moves, a massive $12 billion infrastructure investment program, as part of the country’s largest ever monetization of public infrastructure. The program will fund more than 200 infrastructure improvement projects statewide.
- Indianapolis International Airport is currently investing over $1 billion in expansion and upgrades
- Indiana has earmarked $2.8 billion in new highway construction in the next 10 years (over and above previously earmarked funds)
- Indiana has three international airports, including the Indianapolis International Airport, the Gary Chicago International Airport (which serves Chicago as well as northern Indiana), and the Ft. Wayne International Airport, as well as 114 other public airports.
- Indiana ranks ninth in the United States in railroad mileage and 14th in water-borne shipping.
- Indiana ranks fifth in total freight volume nationwide.
Right Taxes and Incentives (View All)
- Low workers’ compensation and unemployment insurance costs.
- Indiana’s Venture Capital Investment tax credit boosts start–up and emerging companies with critical growth capital.
- A new Indiana investment deduction reduces property taxes for businesses of all sizes.
- No inventory tax.
- Corporate income tax based solely on the portion of a company’s sales in Indiana.
- Indiana’s Sales and Use Tax is one of the lowest in the Midwest.
- Indiana has created a state tax exemption on partial income derived from federal patents for new technology or processes. Under the law, qualified utility and plant patents are exempt from taxation on certain income derived from patents.
- Indiana recently created a state R&D sales tax credit, which provides an exemption to companies on the amount they paid in state sales taxes on research and development equipment. The credit applies to laboratory equipment, computers, computer software, telecommunications equipment or testing equipment.
- Indiana’s tax code incorporates the single-sales factor method of income tax apportionment.
- Indiana has the 12th best business climate in the U.S. and is the most highly rated in the Midwest. (Tax Foundation, 2006)
- Among states with a personal income tax and among states with a capital gains tax, Indiana ranks as having the 4th lowest rate in each category. (Small Business and Entrepreneurship Council, October 2006)
- Indiana has the 4th lowest business costs in the nation, based on labor, energy, and taxes. (Forbes, July 2007)
Right Workforce (View All)
- Indiana is ranked #1 in manufacturing productivity among major industrial states, with $113,570 in gross productivity per employee. (Wisconsin Manufacturing Extension Partnership, October 2005)
- Indiana is home to 76 world–class colleges and universities.
- Indiana has the 7th best working environment in the United States. None of our neighboring states ranks higher than 16th. (University of Massachusetts-Amherst, October 2005)
- Purdue University graduates more IT students each year than any other university in the nation.
- Indiana ranks 3rd or higher in nearly every segment of the automotive industry.
- International companies employ more than 18 percent of Indiana’s manufacturing workforce.
- Indiana schools outperform the national average at all grade levels in mathematics and science.
- Indiana’s public and private research universities have established nationwide centers of excellence dedicated to research and development in the advanced manufacturing fields and workforce training.
- According to a 2004 survey of Indiana employers:
- 95 percent of the employers rated their workers as good or excellent in productivity
- 74 percent rated their workers as good or excellent in reading and writing competency
- Absenteeism was rated Low; Turnover was rated Very Low. - A 2006 analysis of census data demonstrated that, according to four of the five metrics used for worker productivity, Indiana excelled above all of its neighboring states as well as the national average in productivity increases from 1997-2002. The 2002 census data alone showed that Indiana beat the national average and its neighbors – Illinois, Ohio, Michigan, and Kentucky – in terms of:
- Value-added per employee
- Value-added per production worker
- Value-added per payroll wage dollar
Expansion/Relocations Assistance
Need to find data on the sites/links provided and reference or link to it.
Business Assistance: http://www.booneedc.org/
Business Assistance: http://www.indypartnership.com/
****** START State Taxes and Incentives: http://www.in.gov/iedc/taxes.htm ******
Taxes
Indiana has no gross receipts tax and no inventory tax.
Corporate Income Tax
The Corporate Adjusted Gross Income Tax is calculated at a flat 8.5 percent of adjusted gross income. Adjusted gross income is a company’s federal adjusted gross income with certain adjustments. This method of determination simplifies tax calculations for corporations and does not apply to S corporations and not-for-profit organizations.
Single-Sales Factor
Indiana is phasing in the single-sales factor for apportioning corporate income tax. Indiana had determined its share of an interstate or international corporation’s taxable income by weighing the Indiana portion of a company’s property and the proportion of its employees in Indiana. The single-sales factor will calculate the Indiana portion based solely on the portion of a company’s sales in Indiana. This change is being phased in and will be complete by 2011.
Sales and Use Tax
Indiana’s Sales and Use Tax is tax is calculated at a rate of 7 percent. In manufacturing, the following are exempt from the sales tax: raw materials, equipment, power, electricity, and utilities. Wholesale sales, items used directly in production, and sales made in interstate commerce are exempt. In addition, the purchase of research and development equipment is exempt from the tax.
Property Tax
Real and personal property tax is assessed at 100 percent of market value. Tax rates and exemptions vary among local jurisdictions.
Research and Development Tax Credit
This credit (also known as the Research Expense Tax Credit) is based on the increase in Indiana R&D over the prior three-year base. In the base year, research expenses must have been at least half of the research expenses in the current year. The credit amounts to 10 percent of qualified research expenses on the first $1 million of investment. Beginning in 2008, the credit increases to 15 percent. The credit is applied against income tax liability and may be carried forward for fifteen years before 2008 and ten years beginning in 2008. There is no carry back, and the credit is nonrefundable. This program operates under the Department of Revenue and uses the definition of “qualified research expense” from the Internal Revenue Code (which includes the costs of wages and supplies).
Patent Income Exemption
Taxpayers are exempt from certain income derived from qualified utility and plant patents. Qualified taxpayers are eligible for an exemption of 50 percent of patent income for each of the first five years. The exemption percentage decreases over the next five years to 10 percent in the tenth year. The total amount of exemptions claimed by a taxpayer may not exceed $5 million per year. This benefit is available only to companies with 500 or fewer employees.
Individual Income Tax
Indiana’s personal income tax is 3.4 percent of federal adjusted gross income (with certain exemptions and deductions).
****** END State Taxes and Incentives: http://www.in.gov/iedc/taxes.htm ******