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On August 20, 2010, Governor Ted Strickland announced the creation of the Ohio New Markets Tax Credit program.
The program will help attract new business in Ohio by providing state tax credits to those who provide investment in low-income communities.
According to Ohio House Speaker Budish (credited with the idea): “The credit offers an incentive for investment in new and growing companies that will not only generate jobs but also add to the vitality of the community, fostering an environment for ever greater business growth. The New Markets Tax Credit is just part of the extensive job creation initiative in the Ohio House that includes the Investment Technology Tax Credit, adding $100 million to the Venture Capital Authority and expanding the Third Frontier Program.”
Many investors/developers have taken advantage of the Federal New Markets Tax Credit program and now they will be able to even better afford projects in Ohio by combining the Federal credit with the Ohio credit.
According to Ohio Department of Development Director Lisa Patt-McDaniel: “Tax credits are often a critical component in creating job and economic growth opportunities in Ohio’s communities. By providing these tax credits for investors, businesses are able to increase their efficiency, benefiting the company and the entire community.”
The program is administered by the Department’s Urban Development Division.
$10 million in tax credits is available in the first round of funding. The Ohio New Markets Tax Credits program will provide a thirty-nine percent (39%) tax credit over seven years for qualified investments in low-income community businesses. Applications for the Ohio New Market Tax Credit are due on September 20, 2010.
For more information on the Ohio New Markets Tax Credits program, go to: http://www.urban.development.ohio.gov/
The program will help attract new business in Ohio by providing state tax credits to those who provide investment in low-income communities.
According to Ohio House Speaker Budish (credited with the idea): “The credit offers an incentive for investment in new and growing companies that will not only generate jobs but also add to the vitality of the community, fostering an environment for ever greater business growth. The New Markets Tax Credit is just part of the extensive job creation initiative in the Ohio House that includes the Investment Technology Tax Credit, adding $100 million to the Venture Capital Authority and expanding the Third Frontier Program.”
Many investors/developers have taken advantage of the Federal New Markets Tax Credit program and now they will be able to even better afford projects in Ohio by combining the Federal credit with the Ohio credit.
According to Ohio Department of Development Director Lisa Patt-McDaniel: “Tax credits are often a critical component in creating job and economic growth opportunities in Ohio’s communities. By providing these tax credits for investors, businesses are able to increase their efficiency, benefiting the company and the entire community.”
The program is administered by the Department’s Urban Development Division.
$10 million in tax credits is available in the first round of funding. The Ohio New Markets Tax Credits program will provide a thirty-nine percent (39%) tax credit over seven years for qualified investments in low-income community businesses. Applications for the Ohio New Market Tax Credit are due on September 20, 2010.
For more information on the Ohio New Markets Tax Credits program, go to: http://www.urban.development.ohio.gov/
4 comments :
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Cool.. Great news for all investor of real estate in Ohio.
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