City will Pay up to $10k per job, Jobs must pay at least $33,280
February 8, 2011
News Release
Madison, Ind., February 8, 2011 – The city of Madison is serious about attracting more jobs to the thriving community nestled on the banks of the Ohio River in Southeast Indiana. Today, Economic Development Partners in Madison announced a Million Dollar incentive program, offering businesses expanding or moving to the area up to $1 million in financial incentives from the city’s Tax Increment Financing (TIF) board.
Effective immediately, Economic Development Partners will offer up to $10,000 per job for any company creating at least 100 permanent full-time jobs paying an average wage of $16 per hour. To encourage continued job growth in the county, the jobs must be created within three years of the start of the project and the incentive money may be used for investments related to constructing or expanding a building and/or needed equipment.
“This is a very important financial incentive that will help boost our economy and attract new, good paying jobs for the people of Madison,” said Mayor Tim Armstrong, City of Madison, Indiana.
The Tax Increment Finance district for this $1 million incentive includes the city owned Madison- Jefferson County Industrial Park and other buildings and parcels in the area. The Park is state certified as “Shovel Ready,” reducing potential costs of site development and moving permitting processes quickly through the system. In addition, lots in the park are “Pad Ready” ensuring employers all utilities are in place and drainage and retention work is completed.
“Madison is open for business. We are excited to offer this financial incentive as a compliment to Indiana’s already attractive tax climate,” said Corey Murphy, executive director of Economic Development Partners in Madison.
Besides accounting for 10 percent of the nation’s private sector job growth in the past year, Indiana’s tax climate gives the Madison area an advantage over other states nearby. In the last two years alone, Indiana has earned “Best in Midwest for Business” by Forbes Best States for Business Index and “Best in Midwest for Low Taxes” (ranked 10th Nationally) by the Tax Foundation’s 2011 Business Tax Climate Index, just to name a few.
“The State of Indiana offers a favorable tax climate for businesses. We want to offer even more of a reason to do business in Madison and Jefferson County,” added Murphy. “Being able to add $1 million to the state benefits puts us in prime position for companies looking to expand or locate operations.”
Indiana’s competitive business tax structure includes an 8.5 percent corporate income tax on adjusted gross income in addition to no gross receipts tax or inventory tax. In addition, worker’s compensation rates are very competitive.
To compliment the million dollar incentive, the Economic Development Partners will offer other business tools to employers accepting the offer including job training assistance, tax abatements, and other eligible incentives offered by the city and state.
“We created this million dollar bounty to attract companies that create diversified, well-paying employment opportunities for our citizens. The added benefit to the incentive is businesses can now
take advantage of the affordable and available land as well as take advantage of our low cost of living and doing business in Madison,” said Armstrong.
Madison is located on the banks of the Ohio River with easy access to metropolitan areas like Louisville, Cincinnati and Indianapolis.
For more information about the Million Dollar incentive, call Corey Murphy at 812-265-4769 or email at cmurphy@locateinmadison.com .
