Ohio provides incentives for relocating businesses

A handful of relocating corporations will receive tax assistance from Ohio.

Tax credits will help those companies in their relocation to new sites in Ohio, reported the Dayton Business Journal. In all, nine corporations received Job Creation Tax Credits from the Ohio Tax Credit Authority. The agency expects that the incentives will create 438 news jobs while retaining an additional 506.

One of the companies - International Technical Coatings - will relocate from Phoenix, Arizona, bringing 120 new jobs to Columbus, Ohio, reported the Columbus Dispatch. The company had considered other locations in Indiana, Kentucky, Michigan and Pennsylvania, but was drawn to Ohio partly because of a seven-year tax credit worth about $270,000. The terms of the credit will require the company to stay in the state for at least 10 years, said the report.

Additional financial incentives could come in the form of a $2 million direct loan and more than $3 million in funding from the Ohio Enterprise Bond Fund, which would help International Technical Coatings purchase and renovate a building in Columbus, reported the Dispatch.

Relocation experts at a conference in Denver said that tax incentives are one of many things that can help encourage businesses to relocate to a state, reported the Denver Post.

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