700+ Investors Apply for Tax Credits on Small Business Investments in First Day of InvestOhio Initiative

According to Business First, on the first day of the state’s new InvestOhio program, there were  731 applicants for income tax credits on investments in small businesses.  These applications represented nearly $184 million in investments in Ohio small businesses.

InvestOhio is a new tool to infuse much needed capital into Ohio's small businesses, helping them create jobs. The program will provide a 10 percent income tax credit for investments of up to $10 million that are made in small businesses and held for at least two years.  The nearly 900,000 small businesses in Ohio are one of the backbones of the state's economy. InvestOhio encourages investors to actively support these small businesses, sparking growth and improving Ohio's competitive position. The program, administered by the Ohio Department of Development in collaboration with the Ohio Department of Taxation, is expected to generate at least $1 billion in new private investment in Ohio small businesses by 2013.

For complete details on the InvestOhio program, visit:
http://www.development.ohio.gov/InvestOhio/InvestOhio.htm

For the Business First report see: 
http://www.bizjournals.com/columbus/news/2011/12/06/investohio-applications-tied-to-184m.html?ed=2011-12-06&s=article_du&ana=e_du_pub