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Ohio’s revamped state taxes are the lowest in the Midwest.
For all industries studied, Ohio’s effective state
and local tax rate is 37% lower.
HUBZones
The HUBZone Empowerment Contracting
Program stimulates economic development and
creates jobs in urban and rural communities by
providing Federal-contracting preferences for
small businesses.
Enterprise Zones
Enterprise Zones (EZs) are areas targeted for
limited local and state tax abatement and tax
credits. Local tax abatement (up to a 75%
exemption) can be provided for new investments
of real and tangible personal property (up to 10
years). Abatements up to 100% can be granted on
remediation actions for contaminated property.
Pledge Loan Program
A low interest-lending program is available for
most business development uses through cost of
the City’s lending institutions. This program is
similar to the State’s Linked Deposit Program.
It is targeted toward building or site reuse or job
retention and creation.
Community City Job Credits
City job credits can be applied toward acquisition
costs of land at the City’s industrial parks. The
job credits can be utilized one time at the time of
acquiring the site in the amount of $250 per each
retained or created job. This is a credit created
specifically for very significant job retention and
creation at the City’s industrial parks. The job
credits are negotiable on a case-by-case basis.
Municipal Income Tax Credit
This is a job credit toward a corporation’s municipal
income taxes, which can be granted contingent upon
the State issuing a State Job Tax Credit and which
is structured similar to the State’s Job Creation Tax
Credit. The City’s policy recommends a credit for
50% for five years, with exemptions available in
the event of a very significant job creation and
investments into the State and City.
Tax Base Revitalization
Incentive Program
This program involves the waiver of permit fees
in connection with the redevelopment of
commercial/industrial sites in Springfield.
Reinvestment Areas
Community Reinvestment Areas (CRAs) are
formed to encourage development and
improvements to historic, commercial,
industrial, and/or residential areas.
Springfield Targeted
Investment Loan Fund
This program provides direct loans to manufacturers,
wholesalers, and large scale retail projects in targeted
areas of the City of Springfield. Conventional bank
standards apply. The company must demonstrate the
need for a subsidy and verify the creation/retention
of one job for every $20,000 received. Prevailing wages
apply for construction.
Springfield City Revolving
Loan Program
Direct loans of up to 33% of the total project cost
are available to manufacturers, retail and service
companies. Conventional bank standards apply. A
company must demonstrate the need for a subsidy
and verify the creation/retention of one job for
every $10,000 received. Prevailing wages apply
for construction.
Micro Enterprise Pilot
Loan Program
Loans are provided to start-up and newly formed
small businesses known as micro-enterprises.
Financial assistance is available to supplement
working capital to promote business success.
This revolving loan program makes direct loans
of $500 to $5,000 available for a term of 36
months. The rate is 4% over prime. Some
eligibility requirements apply.
State Incentives
• Business Tax Reform
• Ohio Job Creation Tax Credit
• R & D Investment Tax Credit
• Ohio Investment Training Grants
• Ohio Workforce Incentives
• Rapid Outreach Grants
State Finance Programs
• Ohio Enterprise Bond Fund
• Volume Cap Program
• 166 Direct Loan
• Innovation Ohio Loan Program
• R & D Investment Loan Fund
