Friday, November 22, 2013

Is Local Tax Abatement Worth it?

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Inside Edge E-Newsletter - Midday Report

November 22, 2013
INside Edge
Midday Report

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Is Local Tax Abatement Worth it?

Study Spotlights Incentives' Impact

A Ball State University economist says employment-based tax credits are more effective than tax abatement in attracting jobs to Indiana. Center for Business and Economic Research Director Mike Hicks says between 2005 and 2010, state EDGE credits created one manufacturing job per $1,000, while local abatements resulted in one manufacturing job per $30,000 in tax dollars lost. Hicks expands on the research in an interview to air this weekend on Inside INdiana Business Television.

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Indiana Unemployment Rate Falls Below 8 Percent

The state's unemployment rate is now 7.5 percent. The Indiana Department of Workforce Development says it represents the largest three-month drop in more than 20 years. It also marks the first time the rate has been below 8 percent since November 2008.

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Central Indiana Ranks High For Tech Job Creation

There is another sign of a strengthening tech sector in central Indiana. Forbes ranks the Indianapolis-Carmel area among the top 10 metros in the country for generating technology jobs. The publication says employment growth in the sector jumped slightly more than 50 percent from 2001 to 2013.

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Company Pitches Plan to Re-Open Mine

The Greene County Redevelopment Commission has approved a tax abatement request for a New York-based company's proposal to restart a mining operation near Jasonville. The Greene County Daily World reports the Quest Energy Corp. plan could create 150 jobs by the end of next year.

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French Lick Resort Garners National Honor

French Lick Resort has been dubbed the "Best Historic Resort in America" by Historic Hotels of America. The destination beat out spots in Hawaii, New York and California.

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State Announces 'Best of Indiana' Fall Winners

The Indiana Office of Tourism Development has named winners of its 2013 Best of Indiana Fall competition. Top honors are in categories including signature food, family destination and college football game day tradition.

Read More and View Winners


Couple Pumping $2.5 Million Into DePauw Trust

DePauw University has announced a big boost for a new fundraising initiative. Mike and Sue Smith's $2.5 million gift to The DePauw Trust will lead to a scholarship fund in their name. He is a former Anthem Inc. chief financial officer and his wife serves as director of Indianapolis-based nonprofit Out Run the Sun.

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Marshall County CVB Selects New Leader

Cori Holzwart-Humes has been named executive director of the Marshall County Convention and Visitors Bureau. She will succeed Mike Woolfington, who has led the organization for more than two decades and is retiring.

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Pence Makes Several Appointments

Governor Mike Pence has made appointments to several boards and commissions. They include the Commission on Higher Education, Horse Racing Commission and Indiana Arts Commission.

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Startup Begins 4G Coverage

Rochester-based S and R Communications LLC has launched 4G LTE service along State Road 24 between Peru and Wabash. The effort is a partnership with Verizon Wireless designed to provide LTE service in rural areas.

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Exelis Secures Military Contract

Fort Wayne-based Exelis Inc. (NYSE: XLS) has landed a more than $7 million contract for radar signal simulators. The deal involves the U.S. Navy and the governments of Australia and Brazil.

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Hoosier Solar Company Lands Ohio Contract

An Indianapolis-based solar technology company has been chosen for a large installation at an Ohio prison. Solar America Solutions LLC says the $1.7 million project will be one of the largest of its kind in North America.

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Research Examines Fashion Spending

New research from Indiana University's Kelley School of Business brings mixed news for the state's fashion industry. The school's quarterly FIndex survey shows, although they have less to spend this year, apparel will likely be the largest spending category for Millennials during the holiday shopping season.

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Health Organization Announces China Mission

The Indiana Health Industry Forum is planning a trade mission to China. The trip is set for March and will focus on the medical device sector.

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INside Edge Stories

All stories posted on the INside Edge can be found on www.insideindianabusiness.com.

Edited by: Wayne Pratt , Andy Ober and Dan McGowan


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VIEWPOINT:

Poll: Location, Location, Location

What do you think is the most important factor for a business determining a location? Read and cast your vote. You can see the results of the poll next week on Inside INdiana Business Television.

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PERSPECTIVES

On-Site Clinics: An Evolving Trend

The concept of providing medical care at the work place has been around for some time. But, more recently we have seen on-site clinics gaining traction. Why is this? I believe there are four key components...

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STOCKS: On Wall Street

Market Indexes at 12:10
Dow: 16,027.48 (+17.49)
Nasdaq: 3,985.37 (+16.21)
S & P: 1,800.59 (+4.74)
Oil: 94.67 (-0.77)


TV: Next on 'Inside INdiana Business With
Gerry Dick'

The Weekend of November 22


• Weighing The Benefits of Breaks

Ball State Economist Mike Hicks will discuss the effect of tax incentives on Hoosier job creation.

• Previewing The Hot Issues

The Indiana Chamber of Commerce will break down the major issues facing the General Assembly during the 2014 session.

• Reading With a Purpose

The INnovators with Dr. K will feature a college student who has created an educational children's book series.

View Video

Where You Can Watch Inside INdiana Business Television


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News From WTHR, Indiana's News Leader

News From WTHR, Indiana's News Leader

News And Perspective From The Indiana Chamber

Groups Seek The Best to Become Teachers

The Department of Education reports that as many as one million teachers could retire in the next four to six years. A partnership that includes education groups and private sector companies is unveiling a campaign to recruit a new generation of educators. The Teach campaign portrays teaching as creative, invigorating and meaningful.

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Oregon Tests New Funding Model

A government initiative that combines crowdfunding and a public-private partnership is receiving a test drive in Oregon. The immediate goal is funding an off-road bicycling park, but its success - or failure - could have a lasting impact on how future environmental (or other) projects by state and local governments are financed.

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Know The Ins And Outs of FMLA

Despite its 20-plus years of existence, the Family Medical Leave Act remains difficult to understand, subject to abuse and requires frequent education to keep up with changes. The Indiana Chamber offers the latest in the December 12 FMLA Update Seminar. Make sure your company and its employees are playing by the rules.

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