| State: |
OH |
| Incentive Type: |
Income/Franchise Tax Incentives and Credits |
| Incentive Title: |
Investment Credits |
| Description: |
OHIO MANUFACTURING MACHINERY & EQUIPMENT INVESTMENT TAX CREDIT: Nonrefundable corporate franchise or state income tax credit for an Ohio manufacturer that purchases qualified new or retooled machinery and equipment. Total value of credit is 7.5% tax credit on the excess investment. A 13.5% is available to businesses investing in "priority investment areas". Please note that this Credit has been ruled unconstitutional by the U.S. Sixth Circuit Court and is currently under review by the U.S. Supreme Court. This credit is not available after July 1, 2005. See Other Grants for description of Manufacturing Machinery & Equipment Investment Grant. |
| Eligibility Requirements: |
Corporations, partnerships, limited liability companies and proprietorships are eligible. New investment must be greater than the annual average county investment in machinery and equipment during a predetermined rolling three year period.Machinery and equipment must be new to Ohio. Retooling qualifies if costs are capitalized for federal tax depreciation purposes. As of July 2005, the M&E Investment Tax Credit will change to the M&E Investment Tax Grant. A grant request form must be filed with the tax return.
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| Geographic Restrictions: |
Ohio |
| Granting Authority: |
Ohio Dept. of Development |
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