Loans granted by the industrial development fund must be used for investment in zone businesses. Purchase equity in start-up or expanding zone firms. Deduction is based on one-half adjusted gross income. Funds generated from projects in the enterprise zones may be used for job training, job enrichment activities, and basic skill developments. As designated by the City Council.
Specific areas receive reduced tax assessment.
Over Your Competition Economic Development for a Growing Economy is a corporate tax-credit program that only the state of Indiana offers. Create new jobs by expanding or relocating in our state, and your company may be eligible for corporate tax credits equal to the percentage of the individual income tax withholding generated by new jobs created. Credits can last up to 10 years, and if the credits claimed by your company are higher than your company's tax liability, your company will receive a state refund. There is no other program like this in the Midwest. All programs offered by the City of Gary must meet federal and local eligibility requirements and compliance standards.