The state of Ohio has launched a $100 million investor tax credit program that’s intended to help small businesses access growth capital.
The program, called InvestOhio, awards a 10 percent tax credit for investments of up to $10 million that are held for two years and made in eligible businesses, according to a statement from the Ohio Department of Development.
To be eligible for the program, small businesses must have less than $50 million in assets, or less than $10 million in annual sales.
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Investors and companies interested in applying for the program can find more information on the InvestOhio website.
State officials expect the program to generate $1 billion in new investments in Ohio small businesses.
Gov. John Kasich began publicly floating plans for the InvestOhio tax credit earlier this summer. More giveaways of public money to already wealthy investors surely won’t endear Kasich to the Occupy Wall Street crowd, but such tax credit programs are always wildly popular with investors. After all, who doesn’t like free money?
Of course it’s conservative dogma that tax breaks lead to economic growth, a belief that requires one to ignore the last decade of American economic history after the Bush tax cuts, but that’s another matter.
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In any case, a 25 percent state tax credit for investment in technology companies has been much-loved by investors and healthcare startups in Ohio, and InvestOhio is likely to be met with similar enthusiasm by those affected by it.
