The Indiana Economic Development Corp. is touting pro-growth legislation approved by the Indiana General Assembly during the recently completed session. The IEDC says the measures strengthen the state’s business-friendly environment.
In addition to legislation to support post-COVID, small business growth, Governor Eric Holcomb signed into law measures that spur venture capital investment and fuel advanced manufacturing.
Lawmakers made changes to the Venture Capital Investment tax credit program aim to further spur venture capital activity by encouraging investments in minority- and women-owned Indiana businesses, expanding eligibility to Indiana investment funds, and increasing the annual program maximum from $12.5 million to $20 million.
The IEDC says the creation of the Electric Vehicle Production Commission will help ensure that Indiana is prepared to play a leading role in advancing the growing industry.
The commission will assess the state’s existing EV product facilities, identify opportunities for research and development, and evaluate opportunities and needs for workforce training.
“We are building on Indiana’s momentum and positive economic indicators by investing in our people and places,” said Governor Holcomb. “These historic, strategic investments in our local communities will provide an incredible opportunity to create a collaborative future. I want to thank Indiana lawmakers for joining me in making these priorities a reality.”
Holcomb is also showcasing one of his key priorities, the Regional Economic Acceleration and Development Initiative which will dedicate $500 million to encourage investments across the state to make Indiana cities and towns magnets for talent.
Also during the legislative session, there was the creation of the Direct Flight Fund to allocate $10 million to attract more direct, regional and international flights to and from Indiana.