Ohio on Business Facilities Online

OHIO Fast Facts

• Population (2008): 11,485,910
• Largest Cities (2008): Columbus, 754,885; Cleveland, 433,748; Cincinnati, 333,336; Toledo, 293,201;
   Akron, 207,510
• Targeted Industries: Energy, Aerospace, Aviation, Food Processing, Bioscience, Logistics, Polymers
• Key Incentives: Ohio Job Creation Tax Credit, Technology Investment Tax Credit, Research and Development
   Investment Tax Credit
• GDP (All Industry 2008): $471.5 billion*

*Bureau of Economic Analysis, U.S. Department of Commerce

OHIO State Incentives

The 166 Direct Loan Program is available to help finance manufacturing facilities, with eligible uses for funding including new building construction, building acquisition, and acquisition of machinery and equipment. Amounts of financing are usually set at 30% of the project cost to a maximum of $1 million, subject to an increase by the Director of Development, with a minimum loan amount of $350,000. The rate is fixed (currently at 3%), with terms similar to those of commercial bank financing. Eligible projects must involve significant job creation or retention.

Through the Ohio Enterprise Bond Fund, proceeds from the sale of bonds are loaned to companies for fixed-rate, long-term capital asset financing. Rates are fixed and depend on the type of bond issued, while terms are between seven to 10 years for equipment and 15 to 20 years for real estate. Up to $10 million in financing is available.

The Research & Development Investment Loan Fund makes direct loan financing of between $1 million and $25 million available for projects primarily engaging in R&D activity. Rates are fixed (currently at 3%), with terms similar to those of commercial bank financing. Companies receive a dollar-for-dollar, nonrefundable Ohio corporate franchise (income) tax credit for all principal and interest payments during the year.

The Job Creation Tax Credit is a refundable Ohio corporate franchise (income) tax available to companies creating at least 25 new full-time jobs (within three years) in Ohio. The credit may also be available for certain high-wage industries creating 10 or more new full-time jobs within three years. The credit is measured as a percentage of the state income tax withholdings for all new employees hired under the program. Approved projects generally range between 25% and 55% for a period of five to seven years. The business must apply for the credit before committing to the project.

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