Ohio Tax Credit Program Targets Small Businesses

Written by Innovate New Albany@InnovateNA13 years ago

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With more than 50% of the state’s workforce employed in small businesses, the state is focusing its attention and financial resources, to the tune of $100 million, to spur continued growth in the thriving sector. Launched this month, InvestOhio, administered by the Ohio Department of Development in collaboration with the Ohio Department of Taxation, provides a non-refundable personal income tax credit to investors who provide capital to small companies and acquire an ownership interest.

“With more than 900,000 small businesses in Ohio, InvestOhio will help them get the capital they need to create jobs,” says Christiane Schmenk, director of the Ohio Department of Development. InvestOhio is expected to generate at least $1 billion in new private investment by 2013. Registration, required to participate, has already begun for the program and applications will be available the first week of December.

Learn more about InvestOhio.

Innovate New Albany, the city’s incubator for technology startups, entrepreneurs and small businesses, features 16,000 square feet of space within the New Albany Business Park’s Signature Office Building, 8000 Walton Parkway.