The Tax Cuts and Jobs Act of 2017 (P.L. 115-97) allowed governors to nominate certain census tracts as Opportunity Zones, subject to approval from the U.S. Department of the Treasury. Up to 25% of a state’s low-income census tracts were eligible for designation.

The 156 Opportunity Zones in Indiana were selected based on a combination of factors including existing economic development programs and local coordination, economic and community data, the likelihood of attracting short- and long-term investment, and growing industry sectors within the community.

Located within Knox County are two census tracts that have been designated as opportunity zones, which are located in the city of Vincennes. Vincennes is the county seat and the oldest continually inhabited European settlement in the state.

New Market Tax Credits

The New Market Tax Credits (NMTC) provides strategic incentives for community development and economic growth in Knox County Indiana. The NMTC Program attracts private capital into low-income communities by permitting individual and corporate investors to receive a tax credit against their federal income tax in exchange for making equity investments in specialized financial intermediaries called Community Development Entities (CDEs). Typically, the credit totals 39% of the original investment amount and is claimed over a period of seven years. 

Urban Enterprise Zones

The Urban Enterprise Zone (UEZ) program was established in Indiana under Ind. Code 5-28-15 to promote investment and increased economic activity in some of the most distressed urban areas around the state. Contact us for more information about the local Urban Enterprise Association and potential tax savings.

Strategic Assets

Knox County Indiana offers a broad array of quality of life and business growth assets, including the following:

• Good Samaritan Hospital – an 850,000 sq. ft. state-of-the-art medical facility.
• Extensive Network of rivers, parks, trails, and other natural resource amenities.
• The Pantheon: A Business and Innovation Theatre – Regional co-working and business incubator facility.
• Main Street in Vincennes features public & private investment for the expansion of mixed-use retail and housing. 
• State of the art drinking water, stormwater & wastewater facilities, as well as high-speed broadband connectivity from multiple sources.
• Top-rated public and parochial elementary, middle, and high schools.
• Vincennes University – a public institution with 180-degree programs such as agribusiness, architecture, business, communication, construction, education, engineering, healthcare, performing arts, public service, and technology. 

Riverfront Development District

Interested in restaurant and entertainment retail? Ask us about the Riverfront Development District incentives.