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Biz-incentive plan may be beefed up: Legislators seek to strengthen EDGE program by doubling retention tax credit to $10 million

Indiana’s showcase business incentive program is about to go through another tweaking. At the request of the Indiana Economic Development Corp., legislators are considering changing the EDGE tax credit program to give it more teeth to retain existing jobs. Since 1994, Indiana has used the Economic Development for a Growing Economy, or EDGE credit, to spur private-sector job growth. The program allows budding companies to abate state payroll taxes for new employees. Over the last 12 years, Indiana has authorized…

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VIEWPOINT: Foreign study deserves government support

The goal of “crosscultural understanding” is now practically a mantra at every university, and the federal government has joined the chorus. President Bush has proclaimed, “America’s leadership and national security rest on our commitment to educate and pre pare our youth for active engagement in the international community.” And in November, the U.S. Senate designated 2006 as the “Year of Study Abroad.” The Senate resolution maintains that education abroad promotes the nation’s “security, stability and economic vitality.” It notes with…

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STATEHOUSE DISPATCH: Daniels may not wield as much influence this session

We’ve only made it through the first few days of activity, but already we can get a feel for what this session of the Indiana General Assembly will focus on. Republican Gov. Mitch Daniels made it clear in his Jan. 11 State of the State Address that he believes lawmakers should devote the bulk of their attention to a legislative agenda revolving around highway construction, education, and local government reform and flexibility. House Republicans last week unveiled a broad series…

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EYE ON THE PIE: Indiana turning toward Houdini plans

“What should the Indiana General Assembly do during this session?” The question came from Ralph Write, a newly minted reporter. “I’m glad you asked,” I replied. “Simple solutions from simple people would be simply spectacular. But the issues are complex and I don’t know if the legislators have the information they need to decide intelligently any of the major questions before them. “For example,” I expounded, as Ralph took more notes than were warranted by my remarks, “there is the…

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Banking players on rise: Despite flood of mergers, area competition heats up

Big-ticket bank mergers grabbed plenty of headlines in the past two years. Just don’t let the splashy news stories fool you. The number of players in the Indianapolis banking market is expanding, even amid consolidation in the industry nationwide. Over the past 10 years, the number of banks taking deposits in the metropolitan area has grown from 41 to 56, according to annual data from the Federal Deposit Insurance Corp. Analysts attribute much of the growth to smaller banks and…

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Aearo aiming for IPO: Giant in safety equipment wants to raise $230 million, plans overseas expansion

An Indianapolis company that makes earplugs, hard hats and other protection gear used by everyone from soldiers to construction workers has laid the foundation for an initial public stock offering. Aearo Technologies Inc. plans to raise up to $230 million in the offering and list its shares on the New York Stock Exchange, according to its registration statement filed late last year with the U.S. Securities and Exchange Commission. But the filing leaves blank a number of key details-such as…

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NOTIONS: Failing to learn from the past, condemned to repeat it

It was raining in London the morning before New Year’s Eve. As we emerged from the St. Paul’s tube stop to a gust of wintry air, my friend Cheri wrapped her black topcoat a bit tighter, I buttoned my Navy blue, and we pulled on our gloves and scarves, and opened umbrellas to ward off the cold and damp. We walked briskly past the north churchyard of St. Paul’s Cathedral, turned the corner and climbed the front steps. Inside, we…

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From FFA to DNA: Businesses view convention as more than a gathering of corn growers

Don’t call it the Future Farmers of America. That went out of style with pastel suits and parachute pants. The organization is now known as the FFA. And it’s no longer just a gathering of crop jockeys. The change in moniker partly illustrates why business leaders are so excited for the first of at least seven annual conventions the organization will stage in the Circle City starting in late October. “FFA is a premier, if not the premier, youth organization…

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EYE ON THE PIE: Making money by neutering history

I drove north last week from the Caesar’s gambling facility in Harrison County. Instead of taking the usual roads, I twisted up the cliffside overlooking the Ohio River via Doolittle Road. Then I went through New Middleton to Corydon before I joined the state highway system. It was a delightful drive that I never would have known about from anything on the state’s tourism Web site. Yes, I can hear the usual lament: “Wait, we’re working on improving our materials….

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Church’s business savvy extends financial ministry: New Life helps members become self-sufficient

Ondalere Helm has struggled to stay on solid financial footing since being laid off about four years ago. The 32-year-old mom got behind on her bills and was living in a governmentassisted apartment building with her 7-year-old daughter. “I had been praying for a home for my daughter,” Helm said. “I tried to buy a house, but my credit wasn’t good enough.” Then about two months ago, the pastor at New Life Worship Center-where Helm and her daughter attend religious…

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ECONOMIC ANALYSIS: We want to spur economy, but what’s the best way?

If you want to get an idea just how hot the topic of economic development is in Indiana these days, take a stroll over to the Department of Insurance’s Web page. Instead of finding notices of regulatory proceedings or a lineby-line listing of the insurance code, you’ll get a spirited, enthusiastic rundown of all of the reasons Indiana is a great state in which to locate your insurance company. If you happen to own one, that is. That’s a little…

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Growing numbers facing ‘rich’ tax: Alternative minimum tax reaching middle class

The number of Americans subject to the alternative minimum tax is expected to skyrocket this year unless Congress passes a retroactive safeguard. The tax, designed to prevent the rich from skirting taxation, threatens more middle-class families every year because of inflation. But because federal lawmakers failed to extend a “patch” that normally protects the less-than-wealthy from the AMT, it is estimated that 16 million more taxpayers could fall into its grasp this year. The AMT is catching many local taxpayers…

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Legislators fight over green rules: Biz lobby: Indiana standards should not exceed EPA’s

Business interests and environmentalists are squaring off in the Indiana General Assembly. It’s unlikely they’ll see eye-to-eye anytime soon on this year’s ripest green issue: whether to hold Indiana to a higher environmental standard than the rest of the nation. In one corner, the Indiana Chamber of Commerce is leading a push for legislation to bind the state to environmental rules “no more stringent than” those of the U.S. Environmental Protection Agency. Framing the debate around economic development, the Chamber…

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INVESTING: Natural gas provides a powerful potential for profit

I have gas. Not the kind you get from eating too much of the wrong thing. I have natural gas, and I am going to need more of it. So, apparently, will the rest of the world. Natural gas is a gas that sits on top of oil when it is in the ground. If you drill a hole and find oil, you also have found natural gas. In our ultimate wisdom, we have found a way to siphon this…

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‘Crammers’ facing big fines: Two firms accused of billing phone customers for directory assistance services not ordered

As in $1,071,000. That’s how much the Office of Utility Consumer Counselor wants the Indiana Utility Regulatory Commission to ring up in fines against Casper, Wyo.-based Micronet Inc. It also requests that the commission turn over the case to Indiana Attorney General Steve Carter for prosecution under the state’s deceptive practices act. Micronet is accused of billing hundreds of Indiana business, residential and state government lines in late 2004 and early 2005 for directory assistance service callers never requested or…

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Big bank heading for sale?: Union Fed, parent firm mum as talk of mergers intensifies

Officials with the companies in Fort Wayne and here aren’t saying one way or the other. “We have nothing to announce,” said Alvin “Kit” Stolen, CEO of Union Federal since 2002. “We officially wouldn’t comment or address those kinds of rumors or speculation.” The privately held companies are among the largest financial firms headquartered in Indiana. Union Federal has more than $3.4 billion in assets and ranks as the city’s third-largest bank. Waterfield ranked 51st nationwide in mortgage originations in…

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BRIAN WILLIAMS Commentary: High school dropouts are hard on city

Indiana has made significant progress in establishing some of the most demanding standards for primary and secondary students. However, Indiana’s and the nation’s educational system can also be characterized by low high school graduation rates; no standard for calculating graduation rates; persistent achievement gaps along racial and economic lines; a decline in “second chance” opportunities for high school dropouts; a general inability to attract and retain highquality teachers, especially in underperforming schools; and a bureaucratization of school structure that undermines…

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Slow start predicted for Roth 401(k) plans: Many companies, employees likely to take wait-and-see attitude regarding new retirement-savings vehicle

So when the Roth 401(k) debuted Jan. 1, he gave his 24 employees at Thurston Springer Miller Herd & Titak Inc. the opportunity to sink a percentage of their earnings in the new option. The idea draws upon the standard 401(k) plan that is the vehicle of choice for millions of working Americans saving for retirement. But a distinct difference between the two might scare some employees away. Unlike a traditional 401(k), the money diverted into a workplace Roth is…

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Cash-strapped county mulls part-time cops: Merger lets combined department add more reserves

Marion County Sheriff Frank Anderson has long clamored for help fighting crime in the suburbs. Thanks to the police merger, he’ll soon get it-from volunteers. The City-County Council ordinance authorizing a merger between Anderson’s Marion County Sheriff’s Department and the Indianapolis Police Department allows for a massive, 239-percent increase in the use of unpaid reserve police. Anderson, a Democrat, will have leeway to use up to 657 reserves in addition to the combined department’s 1,642 full-time cops. That’s 463 more…

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City ups fees for planning petitions: Old charges weren’t enough to cover department’s costs

Developers and companies in the construction industry might be unpleasantly surprised the next time they seek a zoning change or construction permit in Indianapolis. On Jan. 1, a new fee schedule kicked in for many of the functions of the city’s Department of Metropolitan Development, raising the cost of seeking zoning changes, variances and construction permits. In some cases the jump in fees is dramatic, while other fees will change little or not at all. However, the overall effect on…

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