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New small business tax credit program launched

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By Randy Tucker, Staff Writer 10:59 AM Tuesday, November 8, 2011

DAYTON — State officials today announced the launch of program backed by Gov. John Kasich that would give Ohio investors a state income-tax break for investing in the state’s small businesses.

The program, dubbed InvestOhio, would offer a 10 percent tax credit on investments up to $10 million in small businesses with less than $50 million in assets or less than $10 million in annual sales.

Investors would have to maintain the investment for at least two years to be eligible for the tax credit, according to the Ohio Department of Development.

“With more than 900,000 small businesses in Ohio, InvestOhio will help them get the capital they need to create jobs,’’ said Christiane Schmenk, director of the development department.

Registration for the InvestOhio program begins Monday, followed by a formal application process in the first week of December.

Details can be found at http://www.development.ohio.gov/InvestOhio/InvestOhio.htm

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