City Council Approves Tax Phase-in for Incipio Devices November 20, 2023 Report The Common Council for the City of Huntington unanimously approved a phase-in of property taxes for Incipio Devices of Huntington as the company makes yet another major investment in manufacturing equipment at their Huntington facility. The request was on the Council's agenda for their meeting of November 14, 2023 and comes just weeks after an unrelated investment was completed by the Company. Property tax phase-in, or what was historically known as abatement, has existed in Indiana as an economic development incentive since adopted by the Indiana General Assembly in the 1970s. Property tax phase-in is not a cash award paid by the taxpayers to help a company nor does it reduce any current property tax liabilities a company may have. The process simply reduces the liability associated with a NEW investment by companies in the short-term and phases-in the liability over a period of time. Again, the approval of tax phase-in (or abatement) does not result in budget outlays for the municipalities and are performance-based on the part of the company(s) involved. The value of the abatement is tied directly to the assessed valuation of what was actually invested by the company. Incipio Devices is an orthopedic device company with offices in Huntington, Indiana and St-Blaise, Switzerland, employing 160 people. The company was founded by Huntington native Troy Johnson wanting to provide solution-driven approaches to commercial products, contract manufacturing and development. For more information about the company visit their website at https://www.incipiodevices.com/.