Business Incentives in Hancock County
The Hancock Economic Development Council provides guidance and recommendations to companies completing tax abatement applications and seeking tax increment financing. Located in Central Indiana, Hancock’s strategic location offers businesses access to over 114 million people within a day’s truck drive. The HEDC is committed to providing companies large and small with the financial resources they need to be successful in Hancock County.
Property Tax Abatements
The HEDC provides guidance and recommendations to companies completing tax abatement applications and advocates for those companies to the local government bodies that approve potential tax abatements.
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
Tax Increment Financing (TIF)
The HEDC offers guidance, recommendation, and advocacy to companies seeking tax increment financing from redevelopment commissions throughout Hancock County.
The redevelopment commission may approve your plan and determine if the project is in an economic development area if it meets the following criteria:
- Promotes significant opportunities for gainful employment
- Attracts major new business enterprises to the county
- Retains or expands major business enterprises existing within the boundaries
Hancock County has 24 tax increment financing districts that have 2,499 parcels of land that can qualify for TIF. There are 12 tax increment financing districts with over 1,000 parcels of land primed for development with some projects already approved and under development.
- HRH Allocation Area
- McCord Mt Comfort EDA
- West Allocation Area
- Aurora Way
- McCord Square
- 2022 Hancock County Allocation Area No.1
- 2022 Hancock County Allocation Area No.2
- GDI Allocation Area
- Becovic Project
- North 600
- Cityscape EDA
- Fortville - Ridgeview West
- Community Revitalization Enhancement District Tax Credit (CRED)
- Data Center Sales Tax Exemption
- Economic Development for a Growing Economy (EDGE) - Payroll Tax Credit
- Film and Media Tax Credit
- Headquarters Relocation Tax Credit (HRTC)
- Hoosier Business Investment Tax Credit (HBI)
- Indiana Engineering Grant
- Industrial Development Grant Fund (IDGF)
- Patent Income Tax Exemption
- Redevelopment Tax Credit (RTC)
- Research & Development Incentives
- Skills Enhancement Fund (SEF) - Workforce Training Grant
- Venture Capital Investment Tax Credit (VCI)