When Should You Get a Predominant Use Study in Indiana?

by | Apr 26, 2022 | Financial Advisors

As a business, it’s essential to keep your operating costs as low as possible to ensure better profits. One of the best ways to accomplish this goal is to take advantage of any tax exemption programs available. Utility tax exemptions can reduce what you pay for your utilities concerning equipment used in production and other essential business operations. Knowing when to get a predominant use study in Indiana can help.

If You Haven’t Done One

If you haven’t already completed a predominant use study in Indiana, there’s no better time to get started. You could be missing out on significant savings every month. The company that performs your study will explain the process and then use proven methods that measure your energy use for qualifying equipment. This information allows them to determine the percentage of your utility bill that qualifies for tax-exempt status. In many cases, it can be back-dated to cover the past 36 months.

Changes to Your Operations

Many businesses grow and expand as they get more customers and have to boost their production. This growth often means adding new equipment, upgrading old equipment, or making other operational changes. These changes can impact your overall energy usage, making a new predominant use study in Indiana essential. By completing a new study, you will ensure you are maximizing your savings as your business grows.

A Change in Ownership

In some situations, tax exemption doesn’t automatically follow if you sell your business or buy a new one. If you recently purchased a business, hiring a company to perform a predominant use study in Indiana is essential. Doing so will ensure you get the tax exemptions you deserve and can continue to keep operating costs lower.

If you need to complete a predominant use study in Indiana, visit the B. Riley Financial, Inc. website to schedule your study.