Ohio Tax Credits
Job Creation Ohio Tax Credit
- Refundable tax credit to companies creating at least 25 full-time jobs within three years in Ohio.
- Minimum may be reduced to at least 10 full-time jobs if they are high wage.
- Approved projects generally range between a 25 and 55 percent credit for a period of five to seven years.
Job Retention Ohio Tax Credit
- Non-refundable tax credit to companies retaining at least 1,000 full-time jobs in Ohio.
- Companies must also commit to new fixed-asset investment of either $100 million, if the average wages of the retained jobs exceeds 400 percent of the federal minimum wage (equal to $29 per hour), or $200 million, if the average wage amount of the retained jobs does not exceed 400 percent of the federal minimum wage.
- The credit is measured as a percentage of the Ohio state income tax withholdings for all employees retained under the program. Approved projects range up to 75 percent for 10 years.
Research and Development Investment Ohio Tax Credit
- Non-refundable Ohio commercial activity tax credit for all investment in qualified research expenses incurred in Ohio by eligible “C” corporations.
- Qualified research expenses are based on Section 41 definitions in the U.S. Internal Revenue Code and include expenses for both in-house and contract research expenses.
- The amount of the credit is based on 7 percent of the amount of all qualified investment in a specific year. The credit can be carried forward for up to seven years.
Return to Columbus Regional Overview