State of Ohio Launches Tax Credit Program to Spur Investments in Small Businesses

The Ohio Department of Development, in collaboration with the Ohio Department of Taxation, has launched InvestOhio, a $100 million effort to spur investments in Ohio's small businesses.  InvestOhio encourages investments of up to $10 million in eligible small businesses (defined as less than $50 million in assets or less than $10 million in annual sales) in exchange for a 10 percent income tax credit for investments held for two years.

InvestOhio will have a two-phase application process. To help guard against fraud, both investors and small businesses will need to register through the Ohio Business Gateway.   The registration process begins next Monday, November 14, 2011. An investment application process will launch the first week of December. This will allow all users to familiarize themselves with this new program before the application process begins.

Over the next week and up to the December application launch, the state is encouraging interested small businesses and investors to educate themselves on the program rules, which can be found, along with helpful tutorials, at http://www.development.ohio.gov/InvestOhio/InvestOhio.htm.

Access the Ohio Business Gateway.