Beginning in 1999, the base investment period rolls forward each year. Machinery and equipment must be new to Ohio. Retooling qualifies if such costs are capitalized for federal tax depreciation purposes. The credit is claimed on the business' regular franchise or individual income tax filing. Provides corporate franchise or state income tax credit for businesses that expand or locate in Ohio.
Municipalities can provide a similar arrangement with their local employee income taxes.
A five-member Authority determines eligibility and terms. Businesses must agree to create at least 25 new, full-time jobs within three years of operations. The business must demonstrate to the Authority that the tax credit is a major factor in its decision to go forward with the project. The local community must also provide financial support for the project. Businesses that expand or locate in Ohio.