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Economic Development Incentives

Practices

As a full-service law firm, Carlile Patchen & Murphy assists clients to strategically leverage resources to meet their goals and objectives. We help clients to leverage “other people’s money” into growth of their enterprise by taking advantage of federal, state and local incentive programs. We have extensive experience with State of Ohio economic development programs involving loans, tax credits and grants, and using bonds for growth. We also have considerable depth in negotiating incentives with municipalities for property tax abatements or job-creation type credits.

Some of the programs we have assisted clients in accessing include:

  • InvestOhio. An Ohio Development Services Agency program which provides non-refundable personal income tax credits to investors who infuse new equity (cash) into Ohio small businesses to acquire an ownership interest.
  • Enterprise Zones. Ohio’s Enterprise Zone (EZ) program designates areas of land where businesses can receive tax exemptions on eligible new investments.
  • Community Reinvestment Programs (CRAs). This tax incentive program promotes the revitalization of underdeveloped areas by offering property-tax exemptions for any increased property valuation as a result of new construction or the renovation of existing structures.
  • Job Creation Tax Credit. Businesses that create at least 25 new full-time positions at a facility in Ohio and pay a minimum of 150% of the federal minimum wage may be eligible for this credit.
  • Jobs Retention Tax Credit. This credit provides Ohio CAT or state income tax credit for businesses that commit to retain a significant number of full-time jobs.
  • Training Tax Credit. Ohio provides employers with incentives to train current employees at risk of being displaced because of skill deficiencies or the inability to use new technologies.
  • Technology Investment Credit. Ohio offers a variety of benefits to taxpayers who invest in small research and development and technology-oriented firms.
  • Research and Development Sales Tax Exemption. Under this program, significant tax savings are provided for companies undertaking research and development activities in Ohio.
  • Manufacturing Machinery & Equipment Sales Tax Exemption. This credit provides an exemption from state and county sales tax for companies that purchase machinery and equipment for manufacturing activities.
  • Warehouse Machinery & Equipment Sales Tax Exemption. This credit provides an exemption from state and county sales tax for companies that purchase eligible warehousing machinery and equipment.

These programs are generally limited in availability, so it is essential to know how and when to apply. If your business can benefit or grow from additional investment in the form of tax credits or incentives, our economic development lawyers are prepared to help you navigate the process.

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