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Heuer’s venture capital bill will promote local economic development

COLUMBIA CITY, Ind. (March 23, 2011) – State Representative Kathy Heuer’s (R-Columbia City) bill to increase the amount of tax credits for investment available to qualified Indiana businesses passed out of Senate Committee on Commerce and Economic Development by a vote of 8 to 0 and will now move to the Senate floor for debate.
House Bill 1008 increases the amount of tax credits for investment in qualified Indiana businesses from $500,000 to $1,000,000. Additionally, the bill suspends the $200 application fee that a qualified Indiana business must pay for two years. A qualified Indiana business is determined by the Indiana Economic Development Corporation (IEDC) for its potential to create jobs, bring significant capital to Indiana, and diversify Indiana’s business base.

“Passing this bill opens the door to a larger stream of money flowing into our new and growing businesses,” said Rep. Heuer. “It will help create jobs and a job-friendly atmosphere to attract new businesses to Northeast Indiana.”

“On behalf of the Whitley County EDC, I greatly appreciate Representative Heuer’s leadership on this proposal,” said EDC president Alan Tio, “Access to capital is critical to our efforts to encourage entrepreneurs to “go and grow” their businesses in Whitley County.”

The legislation is sponsored in the Senate by Senators Brandt Hershman, Luke Kenley, and Jim Arnold. If approved as currently written, the changes would be retroactive to January 1, 2011.

In addition to House Bill 1008, the EDC is also monitoring House Bill 1005, which would strengthen the industrial recovery tax credit to encourage redevelopment and reuse of vacant manufacturing facilities; House Bill 1006, which would create a “one-stop-shop” for entrepreneurs to register a new business in Indiana; and House Bill 1007, which would provide additional tools for local communities to encourage job creation and investment projects.

About Whitley County EDC
The Whitley County Economic Development Corporation (EDC) is the lead economic development agency in Whitley County, Indiana. The EDC works closely with local, regional, and state partners to support our industry clients’ growth and success. Our mission is to implement a unified economic development effort and to expand employment and business opportunities for the benefit of the people of Whitley County by developing and maintaining cooperation of all individuals, groups, and organizations within the county. The Whitley County EDC was established in 1992 and represents Whitley County, Columbia City, and the Towns of Churubusco, Larwill, and South Whitley. For more information about the EDC, visit www.whitleyedc.com.
About Representative Heuer
Rep. Heuer serves District 83, which includes Whitley, Noble, and Allen counties. For the 2011 legislative session, Rep. Heuer is the vice-chair of the Local Government Committee and a member of the Education Committee and the Commerce, Small Business and Economic Development Committee.

Media Contacts:
Alan Tio (Whitley County EDC) – 260.244.5506
Gareth Evans (House Rep Media Department) – 317.232.9659

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