Ohio Department of Development Tax Credit Incentives

Research and development Investment Tax Credit - This program provides a non-refundable corporate franchise tax credit to encourage increased investment in research and development activities in Ohio. Companies must invest in Qualified Research Expenses as that term is defined in Section 41 of the Internal Revenue Code, including both in-house research expenses (wages and supplies) and contract research expenses. Companies can receive credits equal to 7% of the total amount of Qualified Research Expenses incurred in excess of the average amount expended for research and development activities in the previous three years.  Learn More

Manufacturing Machinery & Investment Tax Credit (M&E Tax Credit) - This program provides non-refundable corporate franchise or state income tax credit for a manufacturer that purchases new machinery and equipment located in Ohio and used in the production or assembly of a manufactured good. The manufacturer shall receive a 7.5% or 13.5% tax credit on the increase of the investment which is in excess of a three year average investment in machinery and equipment. A tax credit of 13.5% is available to manufacturers making investments in designated distressed communities. The tax credit is divided over seven years, with any excess carried forward another three years.  Learn More

Ohio Training Tax Credit - This program provides a non-refundable tax credit applicable to franchise, personal income, insurance, and dealer-in-intangible taxes to businesses that incur incumbent worker training expenses. The annual credit is limited to the lesser of $1,000 per employee or 50% of the average eligible training costs for three preceding calendar years, with a maximum credit of $100,000 per year allowable. Training must be provided to employees who have been employed for 180 consecutive days. Eligible training costs include: Instructional costs, materials, equipment, supplies, instructional media, assessment, and employee wages during normal work hours while engaged in the program. There is a three year carry forward for credits awarded through this program.  Learn More

Ohio Job Creation Tax Credit - The Ohio Job Creation Tax Credit Program was established in 1993. The program provides a refundable tax credit against a company's corporate franchise or income tax based on the state income tax withheld from new, full-time employees. The Ohio Tax Credit Authority (Authority), a five-member independent board consisting of taxation and economic development professionals from throughout the state, is responsible for reviewing and approving applications for tax credit assistance and setting the benefit level. The Authority also has oversight responsibilities that include monitoring and reporting the progress of approved tax credit projects.  Learn More

Learn more about all of the incentives available from the State of Ohio.

Business Capital and Financing

CountyCorp is a Community Development Corporation offering SBA 504 Loans and Ohio Department of Development Regional 166 Loans to businesses in the Greater Dayton Region, including Champaign County. Since the City of Urbana and Champaign County are considered rural communities, there is flexibility in the job creation requirements for the programs CountyCorp has available. Contact Greg Shackelford @ 937-531-7038 or Dave Sassenger @ 937-531-7034 . www.countycorp.com

The Dayton Development Coalition is the General Partner for two venture capital funds:

Miami Valley Venture Fund I, which was established in 1997 and is now fully invested.
Miami Valley Venture Fund II, which was opened in 2001 and is a "Fund of Funds," with a portion of its capital targeted to investments in Dayton Region high-growth companies. Please contact Christina Howard at choward@daytondevelopment.org

Ohio Venture Capital Authority-The purpose of the Ohio Venture Capital Authority is to increase the amount of private investment capital for Ohio companies in the seed or early stage of business development.  The Program seeks to drive entrepreneurial growth, job creation and economic prosperity in Ohio by creating a "fund of funds" portfolio of seed and early stage capital investments. The Program is overseen by the Ohio Venture Capital Authority (OVCA), which was appointed by the Governor in November of 2003 with the authority to oversee the program. The fund of funds, called The Ohio Capital Fund, is managed by Buckeye Venture Partners, LLC. Please refer to the fund website www.theohiocapitalfund.com for complete Program information.

The NCIC Fund improves regional industrial competitiveness by leveraging federal & state funds to encourage long-term economic growth with focus on the aerospace/automotive industries, defense conversion & dual-use technology initiatives. Since June of 1995, NCIC CapitalFund has made 59 rounds of investments in 29 companies totaling over $15 million.  Our investments have been leveraged with an additional $60 million in co-investments. www.ncicfund.org

Miami Valley Venture Association (MVVA) - provides a support mechanism for local entrepreneurs raises the awareness of venture capital and promotes the interaction between emerging business and regional financial resources. For more information visit http://www.mvva.org.