Business Incentives in Steuben County

The Steuben County Economic Development Corporation helps facilitate this process for businesses. Businesses can apply for a real or personal property tax abatement. Tax abatements are approved by the local governmental bodies. 

A real property tax abatement is a tax deduction from the assessed valuation granted for constructing a new structure or rehabilitating property in an economic revitalization area (ERA). 

A personal property tax abatement is a tax deduction from the assessed valuation granted for installing qualifying equipment in an ERA. The equipment that qualifies for a personal property abatement includes the following:

• Manufacturing
• Research & Development
• Information Technology
• Logistical Distribution

Steuben County has one Opportunity Zone in Angola. Opportunity Zones provide tax-based incentives for equity, partnership, and property investment investments throughout designated census tracts. Simply, businesses and individuals investing within these zones may be eligible to defer or eliminate federal taxes on capital gains.

Steuben County also fails within Foreign Trade Zone (FTZ) 182. A company can apply to be an FTZ Operator, allowing businesses to defer or even avoid payment of import duties and often enjoy a lower tariff rate. If a company imports or purchases foreign goods from a domestic supplier, operating within an FTZ can be highly advantageous for your bottom line.

Steuben County and Indiana offer incentives designed to help businesses thrive and grow throughout the county. You can find other local and statewide incentives below: