Executive Budget Recommendations Include Key Programs in Support of Technology and Innovation
March 6, 2009
ShareThisGovernor Ted Strickland’s executive budget includes a number of new economic development programs aimed at boosting Ohio’s economy. The 2010-2011 biennial budget recommendation includes extending tax incentives aimed at job retention and creation, continuing tuition freezes at Ohio’s colleges and universities and calls for $2.3 billion to fund new programs including:
- Ohio Hubs of Innovation and Opportunity, an initiative to identify at least 12 targeted geographic intersections in each region and build a physical and virtual hub of knowledge to accelerate talent attraction and investment opportunities. The hubs will offer resources including entrepreneurial and productivity assistance, access to capital, and technology development;
- Ohio Means Home, a new campaign designed to recruit former Ohio residents and graduates back to the state to advance their careers or start new businesses; and
- Ohio Green Places, a program to promote the development of programs and policies that advance the goal of making Ohio a leader in sustainable green development. This includes building an advanced energy business sector with a robust supply chain and a green building industry.
- Gov. Strickland is proposing several changes to existing tax credits aimed at job creation and retention and investment in technology-based companies. To enable investors to continue receiving a tax credit by investing in Ohio-based technology companies, the governor proposed increasing the cap for the Technology Tax Credit to $45 million, up from $30 million. Budget documents note the current cap is likely to be reached by March 2009 and the estimated cost of $15 million would delay reaching that cap by three to five years.
The executive budget includes $150 million in tobacco settlement funds over the biennium to support the Biomedical Job Stimulus Fund and the Bioproducts Job Stimulus Fund, which provide competitive grants to projects that have high job-creation potential through industry attraction or expansion opportunities.
For more details, see the article “Missouri, Ohio and Texas Governors Seek Increased Support for TBED Efforts” at www.ssti.org