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Technology Incentives

No manager has the time to search through a haystack of development data looking for that needle of needed information. The CIC can help you with state and local programs for technology-oriented businesses. Ohio programs for technology-oriented businesses include:

  • Ohio Technology Investment Tax Credit
    The Ohio Technology Investment Tax Credit offers benefits to Ohio taxpayers who invest in small research and development and technology-oriented firms.  Through this program, Ohio investors may reduce their state taxes by up to 25 percent of the amount they invest in qualified technology-based Ohio companies.  The program's maximum credit of $37,000 per investment may be applied to personal income tax, corporation franchise tax, public utility excise tax or the tax on dealers in intangibles.  The investment for which the tax credit is claimed must be a purchase of common stock, preferred stock, membership interest or other equity position.
  • Small Business Innovation Research Grants
    The Ohio Small Business Innovation Research (SBIR) program is designed to help Ohio's small research-oriented businesses use the federal SBIR program to research, develop and commercialize new products, technologies and processes in selected areas.  The federal program requires 10 agencies to allocate a percentage of their R & D budgets to projects involving small business.  Funds are provided in two stages.  Phase I awards of up to $100,000 are available for feasibility research.  Two-year Phase II prototype development awards of up to $750,000 are available to companies whose Phase I results are viewed favorably by the funding agency.
  • Research Tax Credit
    A credit is allowed against Ohio's corporate franchise tax for increases in a corporation's qualified research expenses.  The credit equals 7 percent of the excess of qualified research expenses incurred by the taxpayer in Ohio that exceed the average annual qualified research expenses for the three preceding years.  Credit amounts may be carried forward for seven years.
  • Research and Development Tax Exemption
    Equipment used in qualified research and development activities, including both pure and directed research work are exempted from state sales tax.
  • Technology Action Fund
    The Technology Action Fund was implemented to make Ohio entities more competitive in federal research and development programs by providing state matching support.  Grants are for up to $250,000 and must be leveraged with federal funds at a ratio of no less than three to one.  Focus categories include aerospace, biotechnology, information technology, materials and materials processes and microsystems.

 



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