INDIANAPOLIS – Gov. Eric Holcomb and his economic development team are visiting Fort Wayne today to announce a new designation for the area and talk about recently enacted tax credits that could help the region.
Blair Milo, secretary of career connections and talent, and Elaine Bedel, president of the Indiana Economic Development Corp., will join Holcomb and northeast Indiana leaders to announce the inaugural 21st Century Talent Region.
There will also be a ceremonial signing of Senate Enrolled Act 563 at the Regional Chamber of Northeast Indiana's annual meeting at noon in the International Ballroom of Walb Student Union on the campus of Purdue University Fort Wayne.
Holcomb will also participate in a question-and-answer session, according to a news release.
21st Century Talent Regions commit to using a systems approach to attract, develop and connect Hoosier talent, according to the state website.
The regions must implement a plan to attract and retain talent. Those involved often include representatives of local government, businesses, K-12 and higher education, nonprofits, economic development and workforce development.
The state hopes to have at least 12 regions designated over the next two years.
There is no cost for regions to receive a designation. A partnership between the IEDC and CivicLab will provide funding for up to 12 regions to receive technical assistance in developing and using a regional talent dashboard.
A regional dashboard will engage and inform decision-makers on what gaps and surpluses exist in a collective effort to attract, develop, connect and retain talent.
Holcomb will also emphasize a key bill containing the administration's economic development agenda from the last session.
Senate Enrolled Act 563 has various changes to business tax credits that hope to spur growth and investment.
One of the biggest changes is the creation of a tax credit for investment in redevelopment sites around the state. The credit is awarded to taxpayers who redevelop or rehabilitate real property within qualified redevelopment areas the IEDC approves.
Credits awarded are capped at $50 million per fiscal year.
A qualified development site is land where a vacant building or complex of buildings was placed in service at least 15 years before the date on which an application is filed, building is demolished, or was placed in service as a public building, according to the bill.
The legislation also modified the venture capital investment tax credit so that it can be transferred.
Some who want to provide venture capital don't pay Indiana taxes and therefore the credit was limited. Now out-of-state investors can essentially sell the tax credit to someone in the state who can use it.
The bill also tweaked a half-dozen other tax credits.