From tax abatements to tax-exempt bond financing and tax increment financing assistance, Terre Haute, Indiana, and Vigo County, Indiana, offer new and existing businesses ample incentives for development. In partnership with the State of Indiana, the Terre Haute Economic Development Corporation works to create attractive, customized incentive programs that meet the needs of new and expanding businesses and the interests of the community.
The THEDC facilitates business requests in the City of Terre Haute, Indiana, and Vigo County, Indiana, for assistance programs. All information required for qualification remains confidential.
For assistance, call (812) 234-2524 or e-mail us at email@example.com.
Property Tax Abatement
The Terre Haute Common Council and the Vigo County Council may approve tax abatements on both real and depreciable personal property for manufacturing companies that make a significant investment in our community and create good-paying jobs for our citizens. Real property tax abatement is a declining percentage of the increase in assessed value of real property improvements based upon one of ten time periods and percentages. Land does not qualify for abatement. Depreciable personal property abatement is a declining percentage of the assessed value of newly-installed manufacturing equipment, based upon one of ten time periods and percentages. Used manufacturing equipment can also qualify for abatement as long as the equipment is new to the state of Indiana.
Tax Increment Financing Assistance (TIF)
Tax increment is the property tax revenues collected on the increased assessed valuation of real or personal property in an area being developed or redevelopment. Tax increment may also include property tax revenues collected on the increased assessed valuation of depreciable personal property of any designated taxpayer in an area being developed or redeveloped and all other depreciable personal property located and taxable on the designated taxpayer's site of operations in the area being developed or redeveloped.
Tax increment revenues may be used to pay the principal and interest on any bonds issued for the purpose of financing or refinancing the redevelopment or economic development of the allocation area; establish, augment or restore the debt service reserve for bonds; pay principal and interest on bonds issued by the unit to pay for local public improvements in or serving the allocation area; make payments on leases in the allocation area and provide funding for numerous other initiatives as defined by statute.