There are many incentive programs available through various state and Federal agencies to assist businesses in a variety of different ways to expand and grow. One program available through the Ohio Department of Development’s Technology and Innovation Division is an investment tax credit for early stage companies.
Through this program, qualified investors who invest in qualified technology-based companies receive a credit towards Ohio taxes for 25% of the amount they invest. Certain entities apply for an increased credit of 30%.
If an investor invests the maximum amount permitted by this credit at the individual level the credit obtained as a result of the investment will offset approximately $1 million of Ohio taxable income. This is a unique opportunity to invest in Ohio’s future as well as reap excellent tax benefits.
The TITC is one of many incentive opportunities available through the Ohio Department of Development and Third Frontier Program. The program was renewed by voters on May 4, 2010 and extended through 2016 with the issue of a $700 million bond program.
To learn more about incentive opportunities available to you, your company and your industry please contact Skoda Minotti’s Bio-Tech and Technology Industry Group at 440-449-6800.