Economic Development - Ohio Business Incentives

The major Ohio Business Incentives are:


TAX INCENTIVES:  www.odod.state.oh.us

  • Job Creation Tax Credit: A refundable corporate income tax credit based on new jobs created in Ohio
  • Job Retention Tax Credit: A non-refundable corporate income tax credit based on jobs retained in Ohio
  • Manufacturer’s Machinery & Equipment Investment Tax Credit: A non-refundable corporate income tax credit based on new M&E investment
  • Research & Development Investment Tax Credit: A non-refundable corporate income tax credit based on new R&D investment
  • Sales Tax Exemptions: Applicable to manufacturing M&E, warehousing M&E, and M&E used for R&D
  • Warehouse Inventory Tax Exemption: Exemption of local personal property taxes on inventory moving through Ohio
  • Ohio Enterprise Zone Program: Abatement of local property taxes on real and personal property

WORKFORCE DEVELOPMENT:  www.odod.state.oh.us

  • Ohio Investment in Training Program: State training grants that cover up to 50 percent of employee training costs
  • Pre-Employment Screening, Recruitment and Testing: Federal funds used to find and recruit qualified workers for employers
  • Workforce Investment Act/Temporary Assistance for Needy Families: Federal funds used to cover up to 50 percent of employee wages while in training 

INFRASTRUCTURE DEVELOPMENT:  www.odod.state.oh.us

  • Roadwork Development (629) Account: Grants to cover public road improvement costs
  • Ohio Water Development Authority: Low-interest loans to cover public water and sewer improvement costs
  • Ohio Rail Development Commission: Grants and low-interest loans to cover rail improvement costs

FINANCING:  www.odod.state.oh.us

  • Business Development (412) Account: Grants to cover on-site development, construction, M&E acquisition, etc.
  • 166 Direct Loan: Loans of up to $1 million at 2 to 3 percent (fixed) for up to 15 years
  • Ohio Enterprise Bond Fund (Taxable or Tax-exempt Bonds): Loans of up to $10 million at 4 to 6 percent (fixed) for up to 20 years
  • Research & Development Investment Loan: Loans of up to $25 million at 2 to 3 percent (fixed) for up to 20 years; loans are "self-paying" due to dollar-for-dollar tax credit received for principal repaid
  • Off-Balance Sheet/"Synthetic" Leases: Special financing through a port authority with tax benefits of ownership and accounting benefits of leasing; construction materials would be sales tax-exempt
  • 504 Loan Program (Ohio Statewide Development Corporation) www.osdc.net Funding through the U.S. Small Business Administration for up to 40 percent of the total cost of an eligible project for longer loan terms at fixed, below market interest rates with lower down payment requirements
  • 166 Loan Basics (Ohio Statewide Development Corporation) www.osdc.net State-funded loan pool funding up to 40 percent of the total cost of a business capital investment project at fixed, below market interest rates with a lower down payment

 

For more information, please contact Tim Bowersock, Economic Development Director at: 419.755.9794 or E-mail him at: This email address is being protected from spambots. You need JavaScript enabled to view it.