PROGRAM: A non-refundable tax credit created for companies that create at least 25 jobs in the City within 3 years of adoption of an agreement.
TYPE OF ASSISTANCE: Tax Credit
ELIGIBILITY: Contingent upon participation in the State of Ohio Income Tax Credit Program. Jobs to be created must be, on average, at least 200% of minimum wage and have to be retained for at least twice the period of the agreement. Each participant must document that receiving the credit is a major factor in the taxpayer's decision to go forward with the job creation project, to offset costs of capital expansion (if leasehold improvements, in connection with a lease of at least 5 years), environmental remediation costs to enable reuse of existing buildings, OR expenses of moving.
CRITERIA: Each participant must commit to establish, within three years, a minimum of 25 new jobs in Cincinnati. New jobs do not include transfers from affiliated companies within Cincinnati. Firms new to Cincinnati and current businesses that are expanding may participate.
RATES/TERM: The amount of the tax credit is for up to 75% of the 2.1% earnings tax from the new employees. The city's non-refundable tax credit can be carried forward for up to 10 years. Rate and term are equal to the rate and term of the State credit to a maximum of 75% for 10 years. The State Tax Credit authority may grant a tax credit that exceeds 75% when the Chairman and Executive Director recommend there is an extraordinary circumstance that merits an exception.
APPROVAL: Company applies to the State of Ohio Department of Development for the State Income Tax Credit. City tax credit requires City Council approval.
PROGRAM EXAMPLES: HC Nutting, Kendall International, Stevenson Photocolor
Contact: Eric Denson, Senior Development Officer
Phone: (513) 352-4981
Fax: (513) 352-6257
