Yorktown Chamber of Commerce
Monthly Meeting
October 19, 2021
Yorktown Town Hall
INTRODUCTION AND WELCOME: Carolyn “Buffy” Grieves, Kat Blankenbaker, Bonita Ramirez, Kristi Ingram, Greg Hinshaw, Steve Stroeh, T. J. Bush, Nancy Perry, Brendon Comp, Sarah McCord, Amber Greene, Ryan Vaughn, Keith Gary, Ed Armantrout, Tyler Ewing, Rick Yencer, Mark Goodpaster, Pete Olson, Mike Baker, Maureen Walby.
QUESTION OF THE MONTH: Do you or the employees at your workplace dress up for Halloween? Many do while others do not, but most were not opposed to wearing costumes.
SECRETARY REPORT: Approved as submitted.
TREASURER REPORT: Approved as submitted.
CONCERT ON THE GREEN: Kat Blankenbaker reported that many of the bands have been booked for next year and most have confirmed. The committee would like to create a Civic Green Facebook page. It was reported that the first year for activities has been very successful with the committee beginning to work on sponsorships for next year.
CHRISTMAS/HOLIDAY ON THE GREEN: Nancy Perry reported that the event will take place on December 11, 2021 from 11 a.m. to 3 p.m. Clay Arnett will be in charge of the music for the event and the group is working on having the music piped into the outdoor tents, as well. There will be large tents with vendor booths, as well as an art gallery at Town Hall. They committee is working on a tree auction. There is a proposed partnership between the town and the Chamber for this event. Vendor space in the tents will be $40.00 and have fifteen confirmed vendors to date. There is room for at least 30 booths in each tent. The committee plans to contact the vendors who participated in the Luminary Festival to see if they are interested in participating in the new event.
YORKTOWN FARMERS MARKET: Nancy Perry was congratulated for the fine job she did with the Yorktown Farmers Market. There were more than 20,000 attendees during the course of the season. A winter market is being scheduled at the Compass Church.
SCHOOL REPORT: Dr. Greg Hinshaw – Construction is ongoing and is under budget. Plans are being made to move to the new space over Christmas break. The new tennis courts are nearing completion with plans to begin the concession and restrooms with scheduled completion in the spring of 2022. The work that needs to be completed at the high school is currently being evaluated. COVID numbers are decreasing. Sports programs have had a successful season with the girl’s volleyball team winning their eighth consecutive title, boys volleyball and boys cross country have had extremely good seasons.
TOWN REPORT: Pete Olson – In the process of finalizing the Nebo roundabout plans. Work on RFP for lots behind Town Hall. Olson reported that the Town appreciated the Chamber’s efforts in participating in the Farmers Market and concerts. Olson attend AIM conference and learned new ideas for growing communities and civic development.
LUNCH AND LEARN: Brendon Comp – Hopes to begin the new series in January, 2022.
PROGRAM: Whitinger and Co. – T. J. Bush – Bush provided information about tax credits from COVID related issues including Paycheck Protection Loans, Employee Retention Credits, COVID paid leave (credits available) some of which carried over from 2020 into 2021. Bush indicated it was not too late to file amended returns for 2020 in order to take advantage of available tax credits.
Paycheck Protection – All expenses relative to this program are deductible even if the loans have been forgiven. SBA assistance expenses in 2020 and 2021, expenses are deductible even if SBA was covering the payments.
New information for 2021 – Employee retention credit – has been expanded in 2021. For small business owners can obtain up to $7,000 per employee.
It will be more challenging for business owners who wish to purchase new vehicles toward the end of the year. Same credits are still available but lack of inventory of vehicles will perhaps limit this deduction and program but still can write off 100% if used for business.
If a business has employees who are leaving for any reason, 100% of the subsidy for employer plus insurance premiums can be reimbursed.
In 2021 paycheck protection program loans, for business applying for second round of loans, is looking at forgiveness dollar for dollar but once a business has filed for loan forgiveness it can no longer use the numbers for retention credits.
Year-end planning – Major legislation is in progress for infrastructure provision which would end the employee retention credit and this legislation will likely pass. There is a $3.5 trillion dollar bill currently in the House with significant tax revisions. It will likely raise tax rates in 2022. Deferring taxes in 2021 will likely result in higher taxes for 2022. Businesses should keep an eye on this.
S-Corporation – Businesses should hold off on becoming an S-Corporation until the benefits are determined by new tax legislation.
Individual – In Indiana the 529 plan is still in place for K-12 education savings and is a great return on investment for funding educational expenses. One must be an Indiana tax payer to take advantage of this benefit.
Donation – Still need to look at benefits of donating to church and other organizations every other year. Monies put into a traditional IRA can still be converted to a ROTH.
Energy tax credits have been extended through 2021, also credits for alternative vehicle charging equipment. Unemployment benefits still taxable in 2021.
Bush indicated that he is putting together a letter with tax information for 2021 which will be sent out as soon as the new information is available.
HISTORICAL SOCIETY: Society is presenting a Ghost Tour which will be 10/29 and 10/30 from 6- 8 p.m.
ANNOUNCEMENTS: Rick Yencer provided information that Gary Prater had passed away, an individual in the area who had contributed a great deal to the Yorktown community.
TIP OF THE MONTH: Mark Goodpaster – Reported on Airbus 380 story.
NEXT MEETING: November 16, 2021 – Yorktown Town Hall