A guide to help you understand the ins and outs of business in Indiana
Indiana is located in the Midwest, adjacent to Illinois. The capital and largest city in Indiana is Indianapolis. It is only the 38th largest state in land mass and the 17th largest population with an estimated 6.63 million people. The GDP in 2019 in Indiana was $379,684,000,000.
The state’s leading industries are manufacturing, aerospace, biosciences, defense, life sciences, logistics and transportation, and technology. Indiana has the highest concentration of manufacturing jobs in the country. There are over 8,500 manufacturing operations in the state, with more than 500 of them being auto parts suppliers. The state has more than 38,000 engineers, which is nearly 50% more than the national average. Furthermore, Indiana’s rapidly growing aerospace industry has seen an average annual expansion rate of 29% in air and space exports since 2002.
In 2019, Indiana imported $121,946 from Qatar. The top three imports into Illinois are: special classification provisions, miscellaneous articles of base metal, inorganic metal, precious and rare earth metal and radioactive compounds. In 2019, Indiana exported $22,680,510 to Qatar with its top exports being: electric machinery, sound/tv equipment, nuclear reactors, boilers, machinery, and pharmaceutical products.
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All corporations operating in Indian must pay corporate income taxes. Such organizations include sole proprietors, general partnerships, limited partnerships, limited liability partnerships, corporations, s-corps, nonprofit corporations and LLCs. Indiana’s current corporate tax rate is 5.25%. That rate has decreased a quarter percent for the past five years, when it was at 6.5% for the July 1, 2015 – June 30, 2016 period. Furthermore, the corporate tax rate is scheduled to decrease to 4.9% come July 1, 2021. Indiana has 35 incentive programs including the Indiana Seed Fund, the Indiana Angel Network Fund and the High Potential Startup Grant. Throughout the state there are six free trade zones: Indianapolis, South Bend, Burns Harbor, Louisville, Evansville and Fort Wayne.