As this summer is coming to an end, we wanted to send out an incentives reminder so you don’t forget a couple of the oldies but goodies. Ohio has made some updates to laws in the last couple years that have relaxed some incentives programs and the incentives below might be very fruitful for your company.
1. Ohio TechCred Program: Remember you can train employees for free!
💰 This program was launched by Lt. Gov. Husted in 2019 and is currently funded through 2025. We expect it to continue to be funded for many years to come. Employers paying for their employee’s short-term, technology-focused trainings can be reimbursed up to $2K per training should they take advantage of this program. There are 6 application rounds per year and a company can receive up to $30K in funding per application. That means your company can get up to $180K of training funds per year if that is what you are spending on eligible trainings! If your employees need trainings from Microsoft Office or Google products to cybersecurity to AI, check out this program. If you don’t think your training or type of training will be eligible in this program, ask us. You’ll be surprised – there are thousands of eligible trainings. However, this program is only for your employees that are Ohio residents. If they don’t have home addresses in Ohio, they cannot be in the program. This program has evolved over the years and is a great one to keep in mind all year long!
2. Property Tax Abatements: Remember to think about property tax savings before building!
💰 Ohio Community Reinvestment Area (“CRA”) tax abatements provide real property tax exemptions on eligible new construction or improvements to existing buildings. They have been around for almost 50 years. The Ohio Enterprise Zone property tax abatement was often thought to be the better incentive over the past decade but the CRA looks like it is the favorite now when simply looking at real property tax exemptions! Updates to Ohio laws over the past couple years remove stringent approvals in the CRA agreement process and expand the program. An agreement must be in place far before construction so make sure to plan ahead of time!