Ohio has been recognized as one of the Top 5 business climates in the nation and is 2nd in the nation in both total number of new corporate facility projects and most qualifying projects per capita.
Making a commitment to eliminate a burdensome tax system, Ohio in 2005 implemented full-scale, sweeping tax reform. Ohio’s new business taxation model reduced tax burden by 63 percent over a five-year period leading to 2010, the first year reform was fully implemented.
Ohio’s new taxation system means businesses can:
- Reduce operating costs – No tax on inventory or corporate income
- Enhance productivity – No tax on investments in machinery and equipment
- Enjoy a level playing field – All companies taxed the same low rate
- Boost return on investment – No tax on product sold to customers outside Ohio
- Reward entrepreneurship – First $1 million in gross receipts are tax-free; companies with sales between $150,000 and $1 million pay only a $150 flat fee
Ohio boasts an impressive variety of incentive offerings to align with an expanding company’s financial needs. State and local tax incentives, grants and low-interest financing offer businesses the opportunity to reduce risk while encouraging investment in Ohio.