Ohio has been recognized as one of the Top 5 business climates in the nation and is 2nd in the nation in both total number of new corporate facility projects and most qualifying projects per capita.
Making a commitment to eliminate a burdensome tax system, Ohio in 2005 implemented full-scale, sweeping tax reform. Ohio’s new business taxation model reduced tax burden by 63 percent over a
five-year period leading to 2010, the first year reform was fully implemented.
Ohio’s new taxation system means businesses can:
- Reduce operating costs – No tax on inventory or corporate income
- Enhance productivity – No tax on investments in machinery and equipment
- Enjoy a level playing field – All companies taxed the same low rate
- Boost return on investment – No tax on product sold to customers outside Ohio
- Reward entrepreneurship – First $1 million in gross receipts are tax-free; companies with sales between $150,000 and $1 million pay only a $150 flat fee
Ohio boasts an impressive variety of incentive offerings to align with an expanding company’s financial needs. State and local tax incentives, grants and low-interest financing offer businesses the opportunity to reduce risk while encouraging investment in Ohio.
Information provided by our partners at RGP Northwest Ohio & JobsOhio.
The Crawford Partnership serves as your dedicated resource to identify and connect you with local incentives through relationships with local government and leaders. Through strategic partnerships, we are committed to building effective solutions for your business and your industry. A number of local incentives are available, including:
Municipal Income Tax Credit
The Municipal Income Tax Credit can serve as an effective tool to assist businesses looking to invest in Crawford County. It may grant refundable or nonrefundable credit against tax on income to a taxpayer to foster job creation in the City. It shall be measured as a percentage of the new income tax revenue the City derives from new employees of the taxpayer.
Community Reinvestment Area Program (CRA)
Community Reinvestment Areas are areas of land in which property owners can receive tax incentives for investing in real property improvements. The Crawford Partnership will work on your behalf with local government to determine the appropriate abatement value and time period.
Work Opportunity Tax Credit | Designated Community Resident
The Work Opportunity Tax Credit program provides federal tax credits to Ohio employers that hire individuals from one of several target groups. Credits range from $1,200 to $9,600, based on the target group and the number of hours worked. This is localized by a target group for designated community residents, which can provide up to $2,400 per employee.
Created by a 2017 federal tax bill, Opportunity Zones where established based on census tracks in low income areas. The intended outcome is to encourage investment in these areas and create economic growth. Investors will recognize a tax benefit to maximize capital gains.
Ohio has 320 Opportunity Zones in 73 of the 88 counties in the state, with two of those being in Crawford County. The two zones in Crawford County are indicated in green on the below map.
Zones were determined by the government and local non-profits in the business of economic development.
Call Gary Frankhouse, executive and economic development director, to learn more about all that Crawford County has to offer.