Indiana companies who are growing and have been awarded Indiana tax credits or training grants for growth have a compliance reporting deadline of February 14, 2019. Yes, this date is Valentine’s Day, but also the date your company is required to comply with the provisions of your Economic Development for a Growing Economy (EDGE) Tax Credit Agreement.
Within your Tax Credit Agreement is the company’s duties and responsibilities to annually submit a report which must include the following information:
- The number of full time employees at the growth project location employed as of the end of the 2018 calendar year
- The average wage of the full time employees at the project location
- The aggregate actual W-2 payroll box 1 of the full time employees
- The aggregate actual W-2 State of Indiana withholdings of the full time employees
- The amount of capital investment made at the project location
- Any other information required by the Indiana Economic Development Corporation (IEDC)
- Reportable good standing with the Indiana Secretary of State of Indiana
Indiana EDGE credits will be processed in the order in which they are fully and accurately received by the IEDC. The sooner your payroll compliance information is provided, the sooner your tax credits will be reviewed and rewarded. If you plan to file your business income tax return by the deadline of March 15, 2019, then we suggest to make every effort possible to upload your payroll compliance report to the Indiana Project Information Management System.
Somerset’s growth partners can assist you with this annual compliance. Please contact Kelly J. Hale, CPA, CMI at 317-472-2202 or with any questions. Kelly will guide you through the process of submitting your annual reports timely so that your tax incentives are rewarded timely.