INCENTIVE DESCRIPTION

State: OH
Incentive Type: Special Purpose Zone Incentives and Credits
Incentive Title: Enterprise Zone Credits
Description: 1. ENTERPRISE ZONES: Property Tax Abatements Provides real and personal property tax abatements for businesses that expand or locate in areas designated as Ohio Enterprise Zones. The rates/terms are: up to 75% exemption in incorporated areas and up to 60% exemption in unincorporated areas on real property improvements or tangible personal property tax valuation for up to 15 years; Local school board approval is required to exceed these rates and/or term limits. Abatements apply to the increase in assessed value for real property and personal property (includes inventory) first-used by the business in Ohio. Note: Ohio Tax Reform in 2005 will phase out the personal property tax over four years and eliminate taxes on new personal property placed in service after January 1, 2005. 2. ENTERPRISE ZONES: Income Tax Factor Relief Companies approved for property tax abatements under the Enterprise Zone may reduce the payroll and property apportionment factors in the calculation of their Ohio income/franchise tax liability when creating new jobs within the Enterprise Zone.
Eligibility Requirements: 1. Business must create or retain jobs within the Enterprise Zone. Tax abatements apply to industrial and commercial projects. Retail projects are eligible only in targeted areas. Business must finalize agreement to retain or create employment; establish expand, renovate or occupy a facility within an Enterprise Zone; and invest in new real and/or personal property prior to project initiation. 2. Businesses receiving property tax abatements under the Enterprise Zone must hire 25% of new jobs created within the Enterprise Zone from among persons falling within one of five designated disadvantaged groups.
Geographic Restrictions: Ohio Enterprise Zones
Granting Authority: Ohio Department of Development


The information which you have reviewed is a summary of the benefits and savings which may be available for your company. To receive a more detailed analysis of valuable opportunities for your company, please forward your contact information to Larry Kramer at lkramer@incentisgroup.com

Impotant Legal Information
Information is provided in summary form and should not be considered legal, investing, or other business advice. Its receipt does not create a relationship between Incentis Group and recipient. All information is believed to be accurate at the time of printing but should not be relied upon, and no decisions should be made, without consulting the full text of the applicable statutes and seeking independent counsel. Incentis Group and FastFacility make no representation as to the eligibility of a company or person to receive any incentives.