Confusion over EV tax credits stymies buyers, sellers
Dealers say the lack of clarity has made it hard for them to promote EVs to buyers because no one is sure how long certain vehicles will qualify for the $7,500 credit.
Tax Credits
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Indiana goes on offense to capture evolution of electric-vehicle industry
Using tax incentives , an EV commission and membership in a regional network promoting EV infrastructure, the Holcomb administration is looking to increase EV manufacturing statewide.
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Toyota hiring 1,400, investing $803M to expand production at Indiana plant
Production of two new electric vehicles—one branded Toyota and the other in the Lexus line—is expected to begin in mid- to late 2023 at the plant in Princeton.
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IBJ Podcast: Pete The Planner says stimulus ahead ‘is going to blow people’s minds’
The U.S. economy is on the verge of potentially the greatest boom time of all time, according to Peter “Pete the Planner” Dunn. It will be fueled at least in part by the enhanced child tax credit, which is part of the American Rescue Plan stimulus package.
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Articles
State selects five Indy-area low-income housing projects for tax credits
The projects in Anderson, Indianapolis and Noblesville were among 17 statewide to be awarded Low Income Housing Tax Credits, totaling more than $180 million in value over 10 years.
Proposed south-side affordable housing complex receives $36M in state bonds, tax credits
The bonds and tax credits provided through the Indiana Housing and Community Development Authority are used to incentivize private developers to fund the acquisition, rehabilitation and construction of affordable housing communities.
Most electric vehicles won’t qualify for proposed federal tax credit
A tax credit of up to $7,500 could be used to defray the cost of an electric vehicle under the Inflation Reduction Act now moving toward final approval in Congress. But the auto industry is warning that the vast majority of EV purchases won’t qualify for a tax credit that large.
Two local apartment projects land $55M in affordable housing credits, bonds
The Low-Income Housing Tax Credit program, in conjunction with the Multifamily Tax Exempt Bonds, are used to incentivize private developers to fund the construction, acquisition and rehabilitation of affordable housing communities throughout Indiana.
New legislation adds incentives for Indiana film, media productions
Eligible productions could include film, television, music or digital media. State Rep. Bob Morris (R-Fort Wayne) said the legislation could make Indiana a leading state for film and media production.
Online clothier to create up to 980 jobs in Plainfield
The Indiana Economic Development Corp. has pledged $8 million in conditional tax credits to San Francisco-based Stitch Fix, based on its hiring plans.
Aptiv mum on $42M high-tech project in Hamilton County with 350 new jobs
State economic development officials have pledged more than $8 million in tax credits if Aptiv can meet its hiring goals, but neither they nor the firm will share other details about the project.
Area ad agency adding 145 jobs, moving its HQ to downtown Indy even as industry shrinks overall
The Indiana Economic Development Corp. has offered JDA Worldwide and its newly created parent company, Prolific, up to $2.2 million in tax credits to support its expansion plans.
Plan to house homeless off to slow start
It’s been more than two years since the city and state chose four developers to build 500 affordable housing units—including some reserved for people experiencing homelessness.
South-side revival: Inside the restoration of the 119-year-old Turnverein
Turning a former German social club and gym into the offices of a medical claims management organization and international travel insurance company was no small order—especially because the building had to remain more-or-less true to its original form to qualify for the federal Historic Tax Credit program.
Zionsville manufacturer plans to hire 39 as part of $7.5M expansion
GCI Slingers said it will add 10,000 square feet to its existing 20,000-square-foot facility at 5005 W. 106th St.
City to unleash millions in tax credits for ‘signature’ projects
The city of Indianapolis is set to receive $55 million in New Markets Tax Credits from the U.S. Department of the Treasury, which it will use to finance high-impact projects in low-income or distressed areas.
Developer investing $30M to buy, rehab Nora apartment complex
The 254-unit Nora Pines would be renamed but remain affordable housing. TWG Development is asking the city to issue $17.6 million in bonds for the project, which the developer would be responsible for repaying.
International joint venture planning $29.5M plant in Rushville, up to 250 jobs
The facility would process maize straw from as many as 150,000 acres of cornfields annually into a peat moss substitute for agriculture and foam products for material science uses.
Investment software maker plans $5.5M HQ in old Sears store
Accutech Systems Corp., a wealth management software provider, said it intends to hire nearly 50 employees for jobs at the new headquarters.
Maker of tobacco alternative moving headquarters from California to Westfield
Grinds LLC—which produces pouches of flavored coffee designed as a healthy alternative to chewing tobacco—plans to invest $6.7 million and create 56 jobs.
Car parts maker planning to triple workforce in Richmond
The subsidiary of Israel-based Omen Casting Group wants to boost production to help meet demand in America and Germany for its aluminum drivelines, steering components and oil pumps.
Lawmakers consider tax-credit changes, another round of Regional Cities funding
Economic development officials from across the state presented a plan to the Fiscal Policy Committee that would establish a $100 million regional development tax credit and offer $150 million more for the Regional Cities Initiative.
Online retailer Sweetwater plans 1,009 jobs in $76M Indiana expansion
Online music instrument and audio gear retailer Sweetwater Sound Inc. said the expansion project will include construction of a 350,000-square-foot warehouse and a 35,000-square-foot conference center.