New Ohio Tax Incentive for Business Investment
September 26, 2011 - In an effort to jump start Ohio’s economy, state leaders have introduced a new incentive for investors trying to grow businesses in Ohio.
The InvestOhio Tax Credit is a non-refundable Ohio income tax credit to investors making qualified investments in Ohio businesses. The credit is equal to 10 percent of qualified investments, up to $1 million on a $10 million investment. Investors’ stock purchases and equity investments that provide capital for tangible and intangible property purchases and payroll qualify. Investors must hold the investment for a minimum investment period.Up to $100 million in tax credits are expected to be awarded to leverage $1 billion of investment. Businesses must apply online to qualify. Credits will be awarded on a first-come, first-serve basis and are expected to be fully allocated quickly. Interested businesses should apply right away.
To better understand the tax credit process and rules, please see the flow chart provided by the tax professionals at McLain, Hill Rugg & Associates who can be reached at (740) 453-0371 or visit the InvestOhio website.