OHIO INCENTIVES SUMMARY
Job Creation Tax Credit
The Job Creation Tax Credit is a refundable tax credit based on a percentage of new payroll generated as a result of job creation. Companies must create at least ten new jobs within three years with a minimum payroll of $660,000 and pay at least 150 percent of the federal minimum wage. The program must be applied for before the hiring of jobs begins. The Company may apply the tax credit against the company commercial liability tax liability.
JobsOhio Growth Fund
The fund may provide capital for expansion projects ranging in size from $500,000 to $5 million. Factors determining the funding amount include job creation, additional payroll, fixed-asset investment, project return on investment, and location of the project. Loans are typically for a term of up to 15 years for real estate and ten years for machinery and equipment.
JobsOhio Economic Development Grant
The JobsOhio Economic Development Grant provides grants based on project details including the number of jobs created, the amount of additional payroll, fixed-asset investment, project return on investment, and the location of the project. The program may also support job retention when projects improve operational efficiencies or production expansion.
JobsOhio Workforce Grant
The JobsOhio Workforce Grant provides funding for the upgrading of employee skills. Training grant amounts are determined but the number of jobs created, new payroll as a result of new jobs, fixed-asset investment, return on investment, and the location of the project. The term of the training program is determined in part by the project completion date.
Research and Development Investment Loan Fund
Provides financing ranging from $500,000 to $5 million for projects primarily engaged in research and development activity. Rates are fixed at or below market rates. Companies receive an annual dollar-for-dollar, nonrefundable commercial activity tax credit for principal and interest payments up to $150,000 during the loan term.
Notice: This list of economic development incentive programs is intended to provide a high-level overview of commonly pursued state discretionary programs. A comprehensive analysis of project details will determine the full scope of state and local incentive programs that may be available to support a specific project.