When you locate in Ohio, you will build a profitable business. The result of significant tax reform in Ohio has substantially lowered the cost of doing business in the state-with the lowest taxes in the Midwest by 2010.
Ohio Incentives and Tax Reform
In 2005, Ohio enacted sweeping tax reform:
• Taxes eliminated on Machinery, equipment, furniture and fixtures-Ohio’s revised tax code eliminated tax on capital for new machinery and equipment so you can invest in greater productivity with zero tax burden
• Corporate income and franchise taxes eliminated by tax year 2010
• Taxes eliminated on sales of goods and services to customers outside of Ohio only sales within the state are taxed at a flat rate of 0.0026 which translates to $2.60 for every $1,000 (Commercial Activity Tax- CAT)
• No tax on first $1 million in annual gross receipts
• Elimination of tax on inventory
• All businesses taxed at the same low rate
Enterprise Zone Program
This incentive is offered through the Ohio Department of Development and regulated by the Ohio Enterprise Zone law and requires any business seeking an incentive under the program to make a substantial investment. Jackson County currently has four established zones. They are: The City of Jackson zone; the City of Wellston zone; Milton, Bloomfield, Coal Townships and Village of Coalton zone and the Jackson Township zone.
To learn more about the Ohio Enterprise Zone Program contact the Ohio Department of Development or the Jackson County Economic Development Office at 740-286-2838.