The State of Ohio has been aggressively pursuing new business growth and expansion for many years. That commitment has translated into millions of dollars that have been awarded to Ohio businesses in the form of new economic development grants, tax credits and low interest loans. The SDB can help your company identify local, state and federal incentive packages that may be available for your project.
These incentive programs are currently available to Stark County businesses:
Ohio Enterprise Zone Program
The State of Ohio allows communities to provide tax abatement on real property and tangible personal property in designated areas, called Enterprise Zones. Stark County has seven Enterprise Zones that cover 80 square miles. Businesses located or expanding within these designated zones may qualify for substantial state and local tax breaks. Click here to view the Enterprise Zone Map.
Job Creation Tax Credit
Eligible companies can receive a state franchise tax credit or rebate equivalent to a percentage of the personal income tax liability of its new Ohio employees. In some cases, a company could receive a rebate exceeding the amount of taxes actually paid. The amount of the credit is determined by application to the State Tax Credit Authority and is based on the number of full-time jobs created and the amount of investment required. The tax credit may be granted for a maximum period of 10 years. To be eligible for the credit, a project must create at least 25 full-time jobs within three years that have an average hourly wage rate of at least 150% of Ohio's minimum wage.
Community Reinvestment Area
This program allows the county to provide tax abatement on real property. Stark County has ten Community Reinvestment Areas, two in Perry Township, one in the Village of Canal Fulton, and one in Lake Township, adjacent to the Akron-Canton Regional Airport, one in Alliance, one in Canton Township, one in the City of North Canton, one in Plain Township and two in Louisville.
Third Frontier Grant Program
The Third Frontier Grant Project is the state's largest-ever commitment to expanding Ohio's high-tech research capabilities and promoting innovation and company formation that will create high-paying jobs for generations to come. The $1.6 billion initiative is designed to build world class research capacity, support early stage capital formation and development of products, and finance advanced manufacturing technologies to help existing Ohio industries become more productive. Grants can be awarded in an assortment of programs and technologies including fuel cells, biosciences, advanced materials, instruments and controls, power and propulsion (includes advanced energy) and information technology.
For more information, contact Daniel Talarcek or Jeff Hasapis at 330.453.5900.