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Passed bill benefits communities,
workers
By Jamie Teibel
Summer
Editor
A new bill passed by the Indiana legislature will
benefit Indiana's urban enterprise zone.
According to an Association of Indiana Enterprise
Zones press release, the bill, effective as of January 1, 2002, offers
five benefits.
The first, and most significant benefit, is the
extension of the sunset date for creating new zones from 2003 to 2015.
Dennis Carson, president of the Association of Indiana Enterprise Zones
and executive director of the Lafayette urban Enterprise Association,
said the extension gives Lafayette and other communities in the state
better opportunities for using zone benefits.
The second is the addition of high-tech businesses
to enterprise zones. Entrepreneurs of these businesses now qualify for
investment cost credits, which serve as an incentive for locating and
expanding a business in the zone.
The third benefit puts more money in workers' pockets.
The Enterprise Zone Employee Wage Deduction has been extended to those
who live in the zone and work for government and non-profit organizations.
The fourth makes it easier for zone businesses
to handle the paperwork, or "red tape," associated with claiming benefits.
Now, there is a late-filing option with a penalty that still pays dividends
to qualifying businesses.
The fifth, and final, benefit matches dollars saved
by Indiana low-income residents. The Individual Development Account
Program provides state funds in a three-to-one match of up to $300 of
annual savings. This helps residents purchase a home or business or
to pay for education or job training. The Lafayette program is sponsored
by the Lafayette Urban Enterprise Association, which provides a one-to-one
match for a total of up to $1,200.
At a press conference on Wednesday, Rep. Sheila
Klinker, D-27th district, who introduced and authored the bill in the
House, mentioned how fortunate they are to have a group of leaders who
ask for what they want and need in the community. Sen. Ron Alting, R-22nd
district, agreed, saying that the benefits of strong leadership and
economic growth add to the community's fortune. "This is government
at it's best," he said.
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