The Ohio Job Creation Tax Credit Servicing site provides assistance to businesses that have previously been approved for a tax credit by the Ohio Tax Credit Authority (Authority).
Projects approved by the Authority are then required to enter into a tax credit agreement, summarizing the commitments and compliance requirements pursuant to the Ohio Revised Code.
The tax credit is based on the state income tax withheld by the taxpayer for new jobs created as a result of new business investment in Ohio. The Authority is charged with reviewing and approving applications and setting the tax credit rate and term. The Authority may grant tax credits under the program allowing companies to receive refundable credits generally up to 75 percent of withheld state income taxes, for a period of up to 15 years.
The tax credit rate and term are determined by the Authority based on the number of jobs to be created, the new payroll to be generated by the project, the fixed asset investment in the project, and the extent of interstate competition for the project.