PLYMOUTH — In one of the more involved tax abatements awarded by the Plymouth Council, Indiana
Wheel will be the recipient of an abatement for a $5 million personal property investment for production equipment, for a second time.
Greg Hildebrand, CEO of the Plymouth Economic Development Corporation, came before the Council, sorting out the situation. Originally, an abatement for a $30 million investment was given to Jingoo Corporation, the owner of Indiana Wheel, when the business began in Plymouth.
Then the pandemic happened.
The business was then purchased by the current owner, who made a $5 million investment in 2024 with a further $10 million to be made, possibly before the end of the year, for a total investment of $15 million when the project is complete.
Hildebrand explained that the confusion is in the interpretation of the statute for tax abatements; some interpret the language to say the investment must be made at the time of the abatement, others that the company has the full length of time given in the abatement to implement the investment.
By “back-dating” the abatement, both bases would be covered, which the Plymouth Council agreed to last week.
The first two phases of the project are complete, with the company waiting for the arrival of equipment currently being constructed. The hope is that it will be in place before the beginning of the new year.
Indiana Wheel also plans on additional hiring when the third phase is complete.
