Is your company investing in a new business in Ohio? If you are, there are new incentives available from the state of Ohio. The state recently enacted (July 2011) something called a “Small Business Investment Credit” and a “Job Retention Credit.”
The Small Business Investment Credit is available for individuals, estates, trusts, or pass-through entities that invest in a business must have either 50 employees in Ohio or more than 50% of the business’ employees are in Ohio. The business must either have assets of 50 million or less, or sales of $10 million or less. (These are usually pretty easy requirements to meet.) The credit equates to 10% of the qualifying investment and unused credits may be carried forward for 7 years
The Job Retention Credit is targeted towards larger business start-ups. To be eligible for this credit,a business must have a total annual payroll of at least $20 million and invest
a minimum of $5 million at a project sit. They are required to 1) retain a minimum of 500 full-time equivalent employees within Ohio and maintain an annual payroll for at least $20 million for the term of the credit; or 2) maintain an annual payroll of at least $35 million for the term of the credit.
If you think that either of these might apply to your situation, contact us at 330.666.4199 and we can assist you in making a determination and/or applying for the credit.