Our firm recently received a Letter from Representative Mike Duffey, delineating the importance of InvestOhio encouraging small and medium-sized Ohio business to grow the Ohio workforce. Our Ohio Elder Law Firm believes the information noted in his letter and below will be beneficial to many of our clients and friends.
What is InvestOhio?
InvestOhio is a new tool for helping Ohio small businesses gain the capital they need to succeed and create jobs. Through the program, individuals who invest up to $10 million in eligible small businesses
may receive a 10 percent income tax credit if the investment is held for two years.
Why is InvestOhio needed?
- The recent economic downturn has left many Ohio small businesses in need of capital to sustain and grow their business. Similarly, large amounts of private investments are sitting on the sideline waiting for the economic climate to improve. InvestOhio encourages investors to put this money back into the economy to spur job creation.
- InvestOhio supports investment in Ohio’s key job-creators – small businesses. There are more than 900,000 small businesses in Ohio and their expansion is critical to the state’s economic recovery. Small businesses are often the first companies to begin hiring following a recession. In addition,nearly 50 percent of the state’s workforce is employed by small businesses. Sparking growth in small businesses helps boost Ohio’s economy overall.
- Ohio is working to reduce its taxes in order to create a more jobs-friendly environment. InvestOhio helps improve Ohio’s tax climate to facilitate economic growth and job creation.
Benefit of InvestOhio
The $100 million tax credit program is expected to generate at least $1 billion in new private investment in Ohio small businesses by 2013. As word spreads about the program to investors, InvestOhio will help attract more businesses to the state, create jobs, and improve Ohio’s competitive position.
Eligibility
Eligible companies must have less than $50 million in assets or less than $10 million in annual sales. They must meet the requirements established by the Ohio Department of Development and the Department of Taxation to participate in the program. Eligible investors must apply and register investments with the Ohio Department of Development to be issued an InvestOhio certificate. The tax credits are not available to investors who invest in companies based outside of Ohio. To register for InvestOhio, you must be a member of the Ohio Business Gateway. Visit www.business.ohio.gov starting November 14, 2011 to get started.
For more information on InvestOhio, visit http://development.ohio.gov/InvestOhio/InvestOhio.htm