Raise your hand if your company will be doing any of the following in the next year:

• Adding jobs
• Buying or building a new facility
• Considering acquisition or merger
• Relocating operations
• Expanding or downsizing operations
• Purchasing equipment

What if I told you that your business could be paid for doing this in Indiana? You’d probably say, “What’s the catch?” and then you’d hear me say something about “Applying for an incentive credit,” and you’d respond, “No thanks, that’s too much time and bureaucratic tape, I don’t understand any of that stuff, that’s only for big businesses, I’m sure we won’t qualify.” If any of that sounds like you, I get it, I was there too. But, let me share with you Purple Ink’s recent timeline of events:

Tuesday, May 29^th

• 30 mins – Discussion about incentives with Jenny Massey, Co-Founder & President FairWinds Advisors
• 15 mins – Complete and return preliminary project questionnaire answering the following:
  • Number of current employees and average annual salary
  • Number of projected net new employees each year for next 5 years and anticipated average salary
  • Estimated capital costs for next five years (e.g., rent, IT, and FF&E)

Wednesday, May 30^th

• 30 mins – Meet with Jenny Massey to prep for meeting with representative from Indiana Economic Development Commission (IEDC)
• 30 mins – Meet with representative from IEDC to discuss Purple Ink’s growth plans

Thursday, May 31^st

• 3 mins – Read email from IEDC awarding Purple Ink $273,000 in state incentives over the next 10 years
• 2 mins – Celebrate over a quarter million dollars to be paid to Purple Ink for being accountable to an already existing growth plan

Total time 110 minutes – it’s that easy! Types and value of incentives vary by community and state; common incentives include Job Creation Tax Credits, Training Assistance, Venture Capital Tax Credits, Real & Personal Property Tax Abatements, and Investment Credits. Purple Ink’s incentive award was through EDGE – Economic Development for a Growing Economy tax credit. Key points for this incentive were:

• Indiana company keeping jobs in Indiana
• Anticipation of hiring about 20 people over next 5 years, all full-time Indiana residents
• Must be non-retail/non-restaurant business
• No penalty or payback for not meeting hiring goal, incentives earned as you hire, up to total award amount

The takeaway here is don’t assume you won’t qualify. And don’t waste time. According to Jack Leppert, Manager of Client Services at FairWinds Advisors, “Timing is key when seeking incentives. Keep in mind that we should plan your project and request incentives prior to your company making any new hires or any public announcement of job growth.”

In summary, total cost 110 minutes…total benefit $273,000. Now, raise your hand if you’re about to call Jenny Massey? Contact her at 317.440.2450 or jenny@fairwinds-advisors.com.