The Ohio Tax Credit Authority must approve applicants before hiring begins. Companies creating at least 10 jobs (within three years) with a minimum annual payroll of $660,000 and that pay at least 150 percent of the federal minimum wage are eligible for the credit however, they must apply for the credit before committing to a project. Should the amount of the credit exceed the company’s commercial activity tax liability for any given year, the difference is refunded.
The Job Creation Tax Credit is a refundable and performance-based tax credit calculated as a percent of created payroll and applied toward the company’s commercial activity tax liability. Loans range from $500,000 to $1.5 million and can cover up to 75 percent of the project cost. The fund was created to help Ohio companies develop next-generation products and services within the state’s key industry sectors. The Innovation Ohio Loan Fund provides loans for acquisition, construction and related capital costs of technology, facilities and equipment purchases. Up to $10 million in financing is available through the program. Loan terms range from seven to 10 years for equipment and 15 to 20 years for real estate. Rates are market-driven and fixed prior to funding.
The Ohio Enterprise Bond Fund offers revenue bond financing through an S&P-rated fund, whereby proceeds from the sale of bonds are loaned to companies for fixed-rate, long-term capital asset financing. The program provides low-interest loans up to 40 percent of the cost not to exceed $1.5 million. The 166 Direct Loan gives eligible businesses loans for land and building acquisition, construction, expansion or renovation, and equipment purchases. Companies receive a dollar-for-dollar, nonrefundable Ohio commercial activity tax credit for principal and interest payments made during the year up to $150,000 during the loan term. The loans have fixed rates (at or below market rates) and other loan terms similar to those of commercial bank financing. The Research and Development Investment Loan Fund provides loan financing ranging from $500,000 to $5 million for projects primarily engaging in R&D activity. Research and Development Investment Loan Fund
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