All current member businesses located within the Vincennes Urban Enterprise Zone that take advantage of at least one tax credit or exemption during the tax year, are notified that the method of reporting this information for the calendar year 2016 will be different than in previous years.
According to Devin Hillsdon-Smith, Regulatory Affairs Liaison, Indiana Economic Development Corporation (IEDC), all EZB-R registration forms and EZB-E extension request forms must be submitted electronically at https://iedcportal.iedc.in.gov starting this year. Those member businesses claiming a tax deduction and/or tax savings for the 2016 calendar year, are required to submit an EZB-R form no later than June 1, 2017.
The EZB-R form must be filed every year by businesses desiring to maintain their membership, or to register as a new member of the Vincennes Urban Enterprise Zone. Only those businesses with current membership status are eligible to apply for UEZ incentives.
If a UEZ member business requires additional time to complete the EZB-R form, that business must submit form EZB-E at https://iedcportal.iedc.in.gov to request an extension to the filing deadline.
Form EZ-2, to claim an Enterprise Zone Investment Deduction, must be filed with the Knox County Auditor’s office at the courthouse before May 10, 2017. Business owners who have made a real property investment as a business or remodeled their businesses within the zone may be eligible for a tax credit on the increase in property value.
If an individual lives and works within the Vincennes Urban Enterprise Zone, they may be eligible to receive a tax deduction on their individual state adjusted gross income. In order to apply for this tax credit, Form IT-40QEC must be partially completed by the employer and provided to the eligible employee. The employee must attach this form to their state tax return and submit it to the State of Indiana to support any claimed deduction of earned enterprise zone income.
For more information, please call the Vincennes Urban Enterprise Zone office at 812-886-3444.