Incentives & Financing
All projects must meet these 11 criteria in order to be eligible:
- At least 25 new, full-time jobs must be created by the company (taxpayer) within three years in a community in Ohio.
- The average hourly wage rate (excluding benefits) of the project's new, full-time jobs for three years must be at least 150% of Ohio's minimum wage, which equates to $6.37 as of calendar year 1993. In addition, the Tax Credit Authority will consider the amount and type of employee benefits being provided.
- If the project involves an expansion or consolidation of an existing Ohio facility, then the company must commit to retaining the current employees. The state tax credit will apply only to the net, new full-time positions.
- The project must involve a substantial capital investment in land, building, machinery, and/or infrastructure.
- The company must demonstrate to the state, through its financial statements and sources and uses of funds, that it is economically sound and the project is financially viable.
- The project must not have already started at the Ohio site or have been publicly announced to be undertaken at the site prior to approval by the Tax Credit Authority.
- The company must demonstrate that a significant portion of the sales or revenues attributable to the project are generated from outside the State of Ohio. However, a company that does not meet this criteria may be eligible if its products sold are used by its Ohio customer(s) as a component or part of a produced that can demonstrate a significant portion of the sales or services are generated outside the State of Ohio.
- In general, the project site cannot be a relocation from one community in Ohio to another.
- The local community must financially support the project in an adequate manner.
- The company must demonstrate that the tax credit is a 'major factor" in its decision to expand or locate at the Ohio site, as required by Section 122.17(C)(3) of the Ohio Revised Code.
- The company must agree to maintain operations at the project site for at least twice the term of the tax credit (up to 20 years), as required by Section 122.17(D)(3) of the Ohio Revised Code.