Tax Credits & Abatement
Jobs Creation Tax Credits Program provides tax credits for projects that surpass certain payroll thresholds.
Community Revitalization Areas Tax Abatement is an economic development tool administered by municipal and county government that provides real property tax exemptions for property owners who renovate existing or construct new buildings.
Enterprise Zone Tax Abatement is an economic development tool administered by municipal and county governments that provides real and personal property tax exemptions to businesses making investments in Ohio.
Roadwork Development (629) provides funds for public roadway improvements, including engineering and design costs. Funds are available for projects primarily involving manufacturing, research and development, high technology, corporate headquarters, and distribution activity. Projects must typically create or retain jobs. Grants are usually provided to a local jurisdiction and require local participation.
The Ohio Valley Regional Development Commission (OVRDC) grant and loan financing is possible through the Economic Development Administration (EDA), Appalachian Regional Commission (ARC), and Ohio Public Works Program (OPWC), for public infrastructure development supporting business expansion.
Community Development Block Grant- ED Program funds are granted to local government applicants for both economic development loan and public infrastructure projects. Public off-site infrastructure funds are retained as a grant by the local government. In the case of a loan, the local government grantee loans the funds to the beneficiary business for fixed asset financing projects and the funds are repaid to the local government Revolving Loan Fund.
The Ohio 166 Regional Loan Program is a State-funded loan pool that can finance up to 40% of the total cost of a business capital investment project at fixed, below market interest rates with a lower down payment.
Ohio Enterprise Bond Fund provides revenue bond financing through an S&P AA+ rated fund, whereby proceeds from the sale of bonds are loaned to companies for fixed‐rate, long‐term capital asset financing. Rates are market-driven and fixed prior to funding. Loan terms range between 7 to 10 years for equipment and 15 to 20 years for real estate. Up to $10 million in financing is available through the program.
Research and Development Investment Loan Fund provides loan financing between $500,000 and $5 million for projects primarily engaging in research and development activity. Rates are fixed (at or below market rates) with other loan terms similar to those of commercial bank financing. Companies receive a dollar-for-dollar, non-refundable Ohio commercial activity tax credit for principal and interest payments up to $150,000 annually during the loan term.
Innovation Ohio Loan Fund provides loans for acquisition, construction, and related capital costs of technology, facilities, and equipment purchases. The fund was created to assist existing Ohio companies in developing next‐generation products and services within the state’s Targeted Industry Sectors up to 75% ranging from $500,000 to $1.5 million.
Rural Development Business & Industry Loan Guarantee Program (USDA) is designed to help lenders provide loans to businesses in rural Ohio. Loan funds can be used for the purchase of real estate and buildings; expansion of existing facilities; business acquisitions; debt refinancing to provide better rates or terms; purchase of machinery & equipment; or providing for term working capital. For more information, call 614.255.2424.
The Ohio Valley Regional Development Commission (OVRDC) offers: OVRDC Revolving Loan Fund, which provides low-interest gap financing for private businesses through Economic Development Administration (EDA) or Appalachian Regional Commission (ARC) programs.
Grow Now is a partnership between the state’s eligible banks and the Ohio Treasury. Small businesses in Ohio which are organized for profit, maintain offices and operating facilities in Ohio and employ fewer than 150 people may apply for low interest loans.
The JobsOhio Workforce Grant was created to promote economic development, business expansion, and job creation by providing funding for the improvement of worker skills and abilities in the State of Ohio. Grant decisions are based on a number of project factors, including but not limited to job creation, additional payroll, fixed-asset investment commitment, project return on investment, and project location.
OhioMeansJobs Centers that assist job seekers, employers and youth with job search assistance, employee recruitment, job training, job fairs, testing, on–the-job training agreement reimbursements, employer application services, and more.
JobsOhio Revitalization Program supports the acceleration of redeveloping sites in Ohio. The primary focus is placed on projects where the cost of the redevelopment and remediation is more than the value of the land and a site cannot be competitively developed in the current marketplace. Priority will be placed on projects that support near term job creation opportunities for Ohioans.
Additional Incentives include:
Ohio State University South Centers – Small Business Development Center educates prospective, new and second stage business owners through direct no-cost consulting, training, research, and technical assistance in all areas of business management. The Center also provides no-cost peer-to-peer learning, access to venture capitalists, guidance in diversification and strategic planning.
Manufacturing Extension Partnership services are offered through the Appalachian Partnership for Economic Growth in partnership with the Ohio Development Services Agency. The Ohio MEP provides products, services and assistance dedicated to the productivity, growth and global competitiveness of Ohio manufacturers.
Opportunity Zone Program is designed to encourage long-term, private investment in specific census tracts by providing a federal tax incentive for taxpayers who reinvest unrealized capital gains into Opportunity Zones. The incentive is deferral, reduction, and potential elimination of certain federal capital gains taxes.
SODI is the DOE recognized Community Reuse Organization (CRO), the lead entity tasked with redeveloping the underutilized land and facilities at the DOE Piketon site, while at the same time promoting economic development and diversifying the region’s economy. SODI works with a number of state and regional partners.