Ohio Business Resource
A key Ohio business resource is the state’s “Ohio Job Creation Tax Credit,” which provides income and franchise tax credits to businesses that locate or expand operations in the state. Eligible companies must create at least 25 jobs that pay 150 percent of minimum wage. The program has lower requirements for job creation numbers if the jobs created are particularly well paid.
Ohio also offers taxpayers a “Technology Investment Tax Credit” for residents who make investments in small companies involved in research and development activities. The tax credit can equal as much as 25-30 percent of a qualified investment. Investments must be made in Ohio-based companies that show a net value of less than $1 million, which assures that the tax credits support small businesses.
To help entrepreneurs overcome potential pitfalls in registering a new business, Ohio created the “1st Stop Business Connection” program. The Connection provides small businesses with a tailored information kit to guide them through regulatory and licensing processes. Participating businesses also can access a centralized, online process to receive necessary forms and applications.
The state’s Small Business Advocate Office works with entrepreneurs to resolve potentially harmful interactions with state agencies. This Ohio business resource works hand-in-hand with small companies to overcome challenges that might otherwise dissuade them from opening their doors in the state.