"NEWS NOTES"

From the office of Angle, Zaebst & Associates

Tax Credit Available to Individuals Who Invest In Ohio's Small Businesses

 

The InvestOhio Tax Credit is a credit against the Ohio income tax for investing in small businessess that operate in Ohio. To get this credit, make an investment in a qualifying Ohio small business between July 1, 2011 and June 30, 2013, and hold onto the investment for at least two years. The credit is equal to 10% of the amount invested.

 

For an investment to qualify for the credit, the business must use it within six  months to purchase real property (land & buildings) or personal property (furniture, fixtures,  machinery, etc.) in Ohio. It may also use the investment to pay Ohio employees, and to invest in intangible property (customer lists, intellectual property, trademarks) that are primarily used in Ohio.  This investment must not be used to increase compensation to the company's owners, officers, or managers.

 

Eligible investors must apply and register investments with the Ohio Department of Development to be issued an InvestOhio certificate. This is done through the Ohio Business Gateway.

 

Please contact us for more information.  If you would like to read more, attached is a link to the Ohio Department of Development's website.

 
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Each entity or individual's situation is unique and should be analyzed based upon all of the laws and regulations that exist at the time of a decision. Although we try to send current and accurate information, laws change and can be complex. The information presented in this e-mail should not be construed as legal, tax or accounting advice. You should consult with Angle, Zaebst & Associates CPA's or other professionals familiar with your particular situation for advice concerning specific tax or other matters before making any decision.